By an overwhelming majority, MetroPCS (TMUS 0.57%) shareholders have ratified the company's proposed merger with Deutsche Telekom (DTEGY 0.09%) unit T-Mobile USA.
Nearly 300 million shareholders voted in favor of the move, while 21 million voted against it, the company announced today.
MetroPCS shareholders also approved a raft of other proposals connected with the merger, including a recapitalization plan for the company.
T-Mobile USA first proposed the merger last year, meeting with some resistance from MetroPCS shareholders. Earlier this month T-Mobile revised its offer, specifically the debt financing component of the deal.
Under the terms of the merger, MetroPCS stockholders of record as of the closing date of the agreement -- which is expected to be April 30 -- are to receive an aggregate $1.5 billion (roughly $4.06 per share) in cash. They will also hold a collective 26% stake in the reformed company, with the acquirer owning the remainder.
