© 2012 The Texas Lawbook.
By Mark Curriden, JD
Senior Writer for The Texas Lawbook
The parent company of T-Mobile officially announced Wednesday morning that it has reached a highly complex agreement to acquire Richardson-based MetroPCS.
The two companies had been working on a deal for several weeks, but the boards of the two companies approved the terms only late Tuesday afternoon.
The agreement calls for MetroPCS to pay current shareholders $1.5 billion in cash and then declare a 1-for-2 reverse split with stocks. Deutshe Telekom, the parent company, will have a 74 percent stake in the new company, which will take on the name of T-Mobile and be based in Washington state, but will keep the MetroPCS structure.
Jeff Chapman, a Dallas M& A partner with Gibson Dunn & Crutcher, and MetroPCS General Counsel and Vice-Chairman Mark Stachiw led the negotiations for MetroPCS. Other Gibson Dunn lawyers advising on the transaction include M&A partner Rob Little, tax law partner David Sinak and antitrust partner Sean Royall – all in the Dallas office. The Dallas associates involved were Travis Souza and Krista Hanvey.
A special committee of the MetroPCS board is represented by Akin Gump team corporate partners J. Kenneth Menges Jr. and Robert W. Dockery, who are in the firm’s Dallas office. They had assistance from Akin Gump corporate associate Adam D. Hilkemann.
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