T-Mobile Merges with Sprint


Fried Frank acted as counsel to Goldman Sachs as financial advisor to T-Mobile US (NASDAQ: TMUS) and its parent company Deutsche Telekom, in T-Mobile's definitive agreement to merge with Sprint (NYSE: S) in an all-stock transaction at a fixed exchange ratio of 0.10256 T-Mobile shares for each Sprint share. Based on closing share prices on April 27, this represents a US$26.5 billion transaction and a total implied enterprise value of approximately US$59 billion for Sprint and approximately US$146 billion for the combined company. The combined company will be named T-Mobile, and will focus on US wireless, video, and broadband technology and services. The deal, which is subject to regulatory approval, is expected to close by the first half of 2019.

The Fried Frank team was led by corporate partners Philip Richter and Warren S. de Wied and included corporate associate Roy Tannenbaum and corporate law clerk Asiya M. Ubaid.