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T‑Mobile and Sprint Announce Amendment to Business Combination Agreement

20 de febrero de 2020
Companies drive forward toward closing the merger to become the New T-Mobile as early as April 1, 2020


Companies drive forward toward closing the merger to become the New T-Mobile as early as April 1, 2020

T-Mobile US, Inc. (NASDAQ: TMUS) and Sprint Corporation (NYSE: S) today announced that they have entered into an amendment to their definitive Business Combination Agreement to create the New T-Mobile. The Boards of Directors of T-Mobile and Sprint have unanimously approved the amendment. The amendment has no impact on T-Mobile's previously stated outlook on the New T-Mobile's synergies, long-term profitability and cash generation.

A separate arrangement entered into by SoftBank Group Corp. in connection with the amendment will result in an effective exchange ratio of approximately 11.00 Sprint shares for each T-Mobile share immediately following the closing of the merger, an increase from the originally agreed 9.75 shares. This is a result of SoftBank agreeing to surrender approximately 48.8 million T-Mobile shares acquired in the merger to New T-Mobile immediately following the closing of the transaction, making SoftBank's effective ratio 11.31 Sprint shares per T-Mobile share. Sprint shareholders other than SoftBank will continue to receive the original fixed exchange ratio of 0.10256 T-Mobile shares for each Sprint share, or the equivalent of approximately 9.75 Sprint shares for each T-Mobile share.

Immediately following the closing, and after the surrender of shares by SoftBank, Deutsche Telekom and SoftBank are expected to hold approximately 43% and 24%, respectively, of the fully diluted New T-Mobile shares, with the remaining approximately 33% held by public shareholders.

T-Mobile has agreed to re-issue to SoftBank the previously surrendered shares upon the achievement of certain stock price milestones by New T-Mobile during a specified measurement period, and subject to certain additional terms, as outlined in the letter agreement that will be filed by each of T-Mobile and Sprint with the SEC.

In addition, the amendment extends the “outside date” under the Business Combination Agreement to July 1, 2020, and modifies certain other provisions of the Business Combination Agreement as described in the companies’ SEC filings.

"Today's announcement is another significant step forward toward finally closing this transaction! Throughout this journey, T-Mobile and Sprint have been singularly focused on one thing: building a supercharged Un-carrier that will offer U.S. consumers a broad and deep nationwide 5G network, more choice and greater competition. We are now on the threshold of achieving our goal. And did I mention how fun it's going to be sticking it to Dumb, Dumber and Big Cable along the way? This is going to be epic!" said John Legere, CEO of T-Mobile.

"With today's agreement in place, we are now turning our attention toward our goal of closing this transaction and creating the New T-Mobile as early as April 1, 2020," said Mike Sievert, COO and President of T-Mobile, and appointed CEO of the company starting on May 1, 2020. "We are on the verge of being able to do what we've set out to do from day one - reshape a broken wireless industry and create the new standard for consumers when it comes to value, speed, quality and service. The New T-Mobile is literally going to change wireless for good and now we're almost ready to get to the fun part: bringing our teams together, building this supercharged Un-carrier and becoming the envy of the wireless industry and beyond!"

"Completing this step is yet another critical milestone in securing Sprint's future, and it brings us one step closer to closing this historic transaction that has been years in the making," said Marcelo Claure, Sprint Executive Chairman. "I'm incredibly thankful for the perseverance and resilience of everyone that has gotten us to this point."

The T-Mobile and Sprint combination remains subject to certain closing conditions. Additional information can be found at www.NewTMobile.com.

PJT Partners and Goldman Sachs are acting as financial advisors to T-Mobile. Wachtell, Lipton, Rosen & Katz is providing legal counsel to T-Mobile and Deutsche Telekom. Evercore is acting as financial advisor to the committee of independent directors of T-Mobile and Latham & Watkins is providing legal counsel to the committee of independent directors. Morgan Stanley is serving as a financial advisor to Deutsche Telekom.

The Raine Group LLC is acting as lead financial advisor to Sprint. J.P. Morgan is also acting as a financial advisor to Sprint. Morrison & Foerster LLP is providing legal counsel to Sprint and SoftBank.

 


Acerca de T-Mobile

Como El Un-carrier de EE.UU., T-Mobile US, Inc. (NASDAQ: TMUS) está redefiniendo la forma en que los consumidores y las empresas adquieren los servicios de telefonía móvil por medio de liderazgo en la innovación de productos y servicios. Nuestra avanzada red nacional 4G LTE brinda experiencias excepcionales de servicio móvil a 86.0 millones de clientes que no están dispuestos a transigir en calidad y en valor. Con sede en Bellevue, Washington, T-Mobile US presta servicios a través de sus subsidiarias y opera sus marcas emblemáticas, T-Mobile y Metro by T-Mobile. Para obtener más información, visita  http://www.t-mobile.com.

About Sprint:

Sprint (NYSE: S) is a communications services company that creates more and better ways to connect its customers to the things they care about most. Sprint served 54.2 million connections as of December 31, 2019 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; leading no-contract brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. Today, Sprint's legacy of innovation and service continues with an increased investment to dramatically improve coverage, reliability, and speed across its nationwide network and commitment to launching a 5G mobile network in the U.S. You can learn more and visit Sprint at www.sprint.com o www.facebook.com/sprintwww.twitter.com/sprint.

Información adicional importante

En relación con la transacción propuesta, T-Mobile US, Inc. (“T-Mobile”) presentó una declaración de inscripción en el formulario S-4 (expediente n.° 333-226435), declarada en plena vigencia por la Comisión de Valores y Bolsa de los Estados Unidos (“SEC”) el 29 de octubre de 2018, que contiene una declaración de solicitud de consentimiento conjunto de T-Mobile y Sprint Corporation (“Sprint”), y que además constituye un prospecto de T-Mobile (la “declaración de solicitud de consentimiento conjunto/prospecto”). Cada una de las partes presentará otros documentos relacionados con la transacción propuesta ante la SEC. SE EXHORTA A LOS INVERSIONISTAS Y TITULARES DE VALORES A LEER LA DECLARACIÓN DE SOLICITUD DE CONSENTIMIENTO CONJUNTO/PROSPECTO Y DEMÁS DOCUMENTACIÓN PERTINENTE PRESENTADA ANTE LA SEC CUANDO ESTÉ DISPONIBLE, YA QUE CONTENDRÁ INFORMACIÓN IMPORTANTE. Los documentos presentados por T-Mobile se pueden obtener sin cargo en el sitio web de T-Mobile, en es.t-mobile.com, o en el sitio web de la SEC, en www.sec.gov. También se pueden solicitar por correo sin cargo a T-Mobile enviando una carta a T-Mobile US, Inc., Investor Relations, 1 Park Avenue, 14th Floor, New York, NY 10016, o llamando por teléfono al 212-358-3210. Los documentos presentados por Sprint se pueden obtener sin cargo en el sitio web de Sprint, en www.sprint.com, o en el sitio web de la SEC, en www.sec.gov. También se pueden solicitar por correo sin cargo a Sprint, enviando una carta a Sprint Corporation, Shareholder Relations, 6200 Sprint Parkway, Mailstop KSOPHF0302-3B679, Overland Park, Kansas 66251, o llamando por teléfono al 913-794-1091.

No es oferta ni propuesta comercial

Esta comunicación no constituye una oferta para vender ni una propuesta comercial de una oferta de compra de valores, ni habrá venta de valores en ninguna jurisdicción en la que dicha oferta, propuesta comercial o venta se considere ilegal con anterioridad a la inscripción o calificación, conforme a la legislación sobre valores vigente en dicha jurisdicción. No se podrán ofrecer valores, excepto por medio de un prospecto que cumpla con los requisitos de la sección 10 de la Ley de Valores de EE.UU. de 1933, y sus posteriores enmiendas.

Advertencia en relación con las declaraciones a futuro

Esta comunicación contiene ciertas declaraciones a futuro con respecto a T-Mobile, Sprint y la transacción propuesta entre T-Mobile y Sprint. Todas las declaraciones que no sean declaraciones de hecho, incluida la información sobre resultados futuros, son declaraciones a futuro. Estas declaraciones a futuro generalmente se identifican mediante las palabras “anticipar”, “creer”, “estimar”, “suponer”, “pretender”, “puede”, “podría” o expresiones similares. Dichas declaraciones a futuro incluyen, entre otras, declaraciones sobre los beneficios de la transacción propuesta, incluidos futuros resultados financieros y operativos previstos, sinergias, tasas de aumento y crecimiento, los planes, objetivos, expectativas e intenciones de T-Mobile, de Sprint y de la compañía combinada, y el plazo previsto para completar la transacción propuesta. Existen varios factores que podrían ocasionar que los planes y resultados reales difieran de manera sustancial de los expresados o implícitos en las declaraciones a futuro. Such factors include, but are not limited to, the failure to obtain, or delays in obtaining, required regulatory approvals, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction, or the failure to satisfy any of the other conditions to the proposed transaction on a timely basis or at all; the occurrence of events that may give rise to a right of one or both of the parties to terminate the business combination agreement; adverse effects on the market price of T-Mobile's or Sprint's common stock and on T-Mobile's or Sprint's operating results because of a failure to complete the proposed transaction in the anticipated timeframe or at all; inability to obtain the financing contemplated to be obtained in connection with the proposed transaction on the expected terms or timing or at all; the ability of T-Mobile, Sprint and the combined company to make payments on debt or to repay existing or future indebtedness when due or to comply with the covenants contained therein; adverse changes in the ratings of T-Mobile's or Sprint's debt securities or adverse conditions in the credit markets; negative effects of the announcement, pendency or consummation of the transaction on the market price of T-Mobile's or Sprint's common stock and on T-Mobile's or Sprint's operating results, including as a result of changes in key customer, supplier, employee or other business relationships; significant transaction costs, including financing costs, and unknown liabilities; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; costs or difficulties related to the integration of Sprint's network and operations into T-Mobile; the risk of litigation or regulatory actions, including the antitrust litigation brought by the attorneys general of thirteen states and the District of Columbia; the inability of T-Mobile, Sprint or the combined company to retain and hire key personnel; the risk that certain contractual restrictions contained in the business combination agreement during the pendency of the proposed transaction could adversely affect T-Mobile's or Sprint's ability to pursue business opportunities or strategic transactions; effects of changes in the regulatory environment in which T-Mobile and Sprint operate; changes in global, political, economic, business, competitive and market conditions; changes in tax and other laws and regulations; and other risks and uncertainties detailed in the Form S-4, as well as in T-Mobile's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements," as well as in its subsequent reports on Form 8-K, all of which are filed with the SEC and available at www.sec.gov and www.t-mobile.com, and in Sprint's Annual Report on Form 10-K for the fiscal year ended March 31, 2019 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned "Risk Factors" and "MD&A - Forward-Looking Statements," as well as in its subsequent reports on Form 8-K, all of which are filed with the SEC and available at www.sec.gov and www.sprint.com. Las declaraciones a futuro se basan en expectativas y suposiciones actuales, que están sujetas a riesgos e incertidumbres que pueden ocasionar que los resultados reales sean sustancialmente diferentes de los expresados o implícitos en dichas declaraciones a futuro. En virtud de estos riesgos e incertidumbres, se exhorta a los lectores de esta comunicación a no basarse indebidamente en dichas declaraciones a futuro. T-Mobile y Sprint no asumen ningún tipo de obligación de actualizar o modificar la información contenida en esta comunicación (ya sea como resultado de la nueva información, acontecimientos futuros o algún otro factor), a menos que así lo exija la legislación vigente.