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Deutsche Telekom dials up a deal for T-Mobile
Deutsche Telekom seems to have dialled up a good deal with an agreement to sell its US mobile phone division T-Mobile for the equivalent of 27.5 billion euros. That money will be used to buy back shares and pay down debt. The buyer is AT&T, which will pick up around 34 million customers and become the largest mobile phone operator in the states. Its shares rose as did those of Deutsche Telekom in Frankfurt. The German company’s stock was up 11.3 percent, hitting a two-year high: Oliver Roth, a market strategist with Close Brothers Seydler Bank gave his assessment: “The financial markets welcome the decision of the Deutsche Telekom to get rid of the American branch simply because now they can concentrate on their first goal to get bigger in the multimedia-internet market and they get also a lot of money for their American branch and that is definitively a success.” Deutsche Telekom said that it now plans to focus on organic growth but the reduced debt will give it an advantage in bidding for European assets, for example in Poland and Serbia. As part of the deal, which now needs to approved by regulators, Deutsche Telekom will become an eight percent shareholder in AT&T.