Cairo pledges support for AngloGold Ashanti to accelerate Sukari mine operations    New Egypt–European scientific cooperation programmes coming soon: EU ambassador    Egypt trains Palestinian police for future Gaza deployment as ceasefire tensions escalate    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Golden Pillars Developments unveils Swar project as part of EGP 15bn investment plan    Three kidnapped Egyptians released in Mali after government coordination    Egypt raises minimum, maximum insurance wage starting Jan 2026    Egypt's EMRA signs MoU with Xcalibur for nationwide mining survey    How to Combine PDF Files Quickly and Easily    Egypt's agricultural exports climb to 8.5m tons in 2025    Maternal, fetal health initiative screens over 3.6 million pregnant women    Ahl Masr Burn Hospital Concludes First Scientific Forum, Prepares for Expanded Second Edition in 2026    Australia returns 17 rare ancient Egyptian artefacts    Egypt expands rollout of Universal Health Insurance    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Cairo hosts African Union's 5th Awareness Week on Post-Conflict Reconstruction on 19 Nov.    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt adds trachoma elimination to health success track record: WHO    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



T-Mobile to Sell $1.8 Billion Stock to Fund Airwave Purchase
Amwal Al Ghad Published in Amwal Al Ghad on 12 - 11 - 2013

T-Mobile US Inc. (TMUS), the country's fourth-largest mobile-phone carrier, plans to sell shares valued at almost $1.8 billion, raising money it could use to acquire wireless airwaves.
The secondary offering 66.2 million shares will be managed by Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co., Credit Suisse Group AG and Deutsche Bank AG, T-Mobile said yesterday. The $1.8 billion valuation is based on the stock's closing price of $26.97 in New York yesterday. T-Mobile will grant the underwriters the option to buy as many as 6.62 million additional shares.
The company, based in Bellevue, Washington, said it may use the proceeds to acquire wireless spectrum -- either from other parties or through government auctions. Airwaves have become increasingly valuable as carriers struggle to handle the flood of Internet traffic on smartphones and other devices.
T-Mobile, which is about 74 percent owned by Deutsche Telekom AG (DTE), debuted on the New York Stock Exchange six months ago after merging with MetroPCS Communications Inc. The shares have gained more than 60 percent since then, boosted by subscriber gains at a company that long struggled to compete with Verizon Wireless and AT&T Inc. T-Mobile added 648,000 new monthly subscribers last quarter, topping the 401,000 average estimate of analysts.
Late Trading
Even so, the company is losing money, hurt in part by lower prices. T-Mobile had a third-quarter net loss of $36 million, following a second-quarter net loss of $16 million. The company's average phone bill for monthly subscribers shrank about 3 percent to $52.20 from the second quarter. Analysts had projected $52.86.
The new offering would dilute the value of current shareholders' stakes. Investors responded by sending the stock down as much as 3.5 percent to $26.02 in late trading yesterday after the announcement.
Deutsche Telekom shares climbed less than 1 percent to 11.25 euros at 9:18 a.m. in Frankfurt. The stock has gained 31 percent this year, valuing the Bonn-based carrier at 50 billion euros ($67 billion).
Source:Bloomberg

Clic here to read the story from its source.