Deutsche Telekom reaches majority stake in T-Mobile U.S.
Business
The company reached a majority stake in T-Mobile U.S, CEO Tim Höttges announced
WASHINGTON (Reuters) - Deutsche Telekom now holds a majority in T-Mobile U.S., the chief executive of the German telecoms company said on Wednesday.
The company reached a majority stake in T-Mobile U.S late Tuesday, CEO Tim Höttges said at the company's annual general meeting.
"We have the majority and are the largest shareholder of the world's most valuable telecommunications company - T-Mobile U.S.," he said.
Since 2013, the value of T-Mobile U.S. has increased by 153 billion euros ($167.44 billion).
The increase in value for Deutsche Telekom's shareholders stood at more than 70 billion euros, Höttges said.
Deutsche Telekom estimates that the benefits of the transaction - between $7.2 and $7.5 billion - will outweigh the costs, which will amount to less than $1 billion in 2023.
