Deutsche Telekom said on Sept. 7 it had sold its T-Mobile Netherlands unit to a private equity consortium and struck a share-swap deal with SoftBank Group that will allow it to raise its stake in American unit T-Mobile US to close to 50%.
Under the deal, Deutsche Telekom will increase its stake in the U.S. carrier by 5.3% to 48.4% by receiving 45 million shares from SoftBank at an average price of $118 under the share-swap arrangement, and by buying a further 20 million shares in cash at an average of $109 each. Meanwhile, SoftBank will receive 225 million new shares in Deutsche Telekom, valued at 20 euros per share, a 12% premium to their Monday close. That will give SoftBank a 4.5% stake in Deutsche Telekom, making it the company’s number two shareholder behind the German government.
In a separate agreement, private equity funds Apax Partners and Warburg Pincus agreed to buy T-Mobile Netherlands for 5.1 billion euros, including debt. Deutsche Telekom said it would net 3.8 billion euros from the disposal. Deutsche Telekom shares were trading at 18.20 euros as of 0823 GMT on Sept. 7, up 1.1%. SoftBank shares were at 6,943 yen, up 9.9%.A man walks past the logo of Deutsche Telekom in Bonn, Germany, February 19, 2019.
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