The Committee on Foreign Investment in the United States has given its approval for the merger of MetroPCS (PCS 3.31%) and T-Mobile USA, leaving a shareholder meeting April 12 as the final hurdle.
Earlier this month, both the Department of Justice and Federal Communications Commission signed off on the proposed merger between the companies, leaving one final regulatory hurdle to clear: the Committee on Foreign Investment, an inter-agency committee that reviews national-security issues surrounding transactions that could result in control of a U.S. business by a foreign entity.T-Mobile is a wholly owned subsidiary of Deutsche Telekom.
The two companies announced today that they have received approval from this last regulator, which found no "unresolved national security concerns" related to the proposed transaction.
MetroPCS is holding a special shareholders meeting on April 12 to vote on the deal, and the board has sent a letter to investors urging them to vote in favor. The board unanimously agrees that this deal is in the best interest of MetroPCS. Shareholder P. Schoenfeld Asset Management hedge fund has asserted its opposition.
