News Column

T-Mobile to Sell 66.2 Million Shares

November 11, 2013

Associated Press

T-Mobile US Inc. said Monday that it will sell 66.2 million shares in a stock offering that could help it buy wireless airwaves.

The Bellevue, Wash.-based wireless carrier said the banks managing the deal may also buy another 6.6 million shares.

The company's shares closed at $26.97, meaning selling all stock on offer could raise nearly $2 billion before expenses, at Tuesday's price.

Shares dropped 72 cents, or 2.7 percent, to $26.25 in after-hours trading. News of a stock sale often weighs on company shares because it makes existing investors' stakes worth less.

T-Mobile, the No. 4 U.S. cellphone carrier, has been trying to differentiate itself from bigger rivals by shattering longstanding industry practices and calling itself the "Un-carrier." It has introduced new pricing plans, the ability to upgrade phones more frequently and free data and texting services in more than 100 countries. It expects to add 1.6 million to 1.8 million more good-credit, long-term phone customers this year.

It started trading on the New York Stock Exchange in May after combining with MetroPCS Communications. Germany's Deutsche Telekom AG still owns about three quarters of the combined company.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Source: Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.