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- AT&T to buy T-Mobile USA for $39 billion
Reports are coming in from all over this morning that AT&T has bought fellow domestic cell carrier T-Mobile USA. According to the press release, AT&T will acquire the company from Germany's Deutsche Telekom AG in a deal that's valued at $39 billion in cash and stock. The transaction is expected to close within a year, pending all of the usual paperwork, and of course regulatory approval (which probably isn't a complete given, considering how large these two companies are).
The primary impact of a deal like this will be to set up AT&T with one of the largest cellular networks in the US. AT&T's announcement pointed out that the company's data traffic grew 8,000 percent over the past four years, with the expectation that it will increase by another order of magnitude between 2010 and 2015; with the addition of the T-Mobile spectrum and cell infrastructure, AT&T will be in much better shape to handle the onslaught of high-demand users and devices.
Of course, AT&T's long-suffering iPhone users have something else to look forward to when the deal closes: more consistent wireless coverage and better voice service. Per the press release: "AT&T and T-Mobile USA customers will see service improvements - including improved voice quality - as a result of additional spectrum, increased cell tower density and broader network infrastructure. At closing, AT&T will immediately gain cell sites equivalent to what would have taken on average five years to build without the transaction, and double that in some markets. The combination will increase AT&T's network density by approximately 30 percent in some of its most populated areas, while avoiding the need to construct additional cell towers." Increased network density in some of the biggest iPhone trouble spots (large urban areas like NYC, San Francisco, etc.) may finally bring AT&T's coverage consistency up to where it needs to be.
AT&T is also committing to a massive 4G buildout onto the former T-Mobile network alongside the legacy AT&T buildout, adding about 47 million phone users under the anticipated 4G footprint (4G LTE service would cover about 95% of the US population under the buildout plan). This might lead us to a 4G iPhone on the combined GSM network of the future. Of course, that's all speculation at this point, but with Verizon now carrying the iPhone as well, the pressure will probably be on Apple to make a phone compatible with the next generation networks that all of the carriers are crowing about. As always, we'll see.
Thanks to Ryan Block & everyone who sent this in.
Press release below:
AT&T to Acquire T-Mobile USA from Deutsche Telekom
Provides Fast, Efficient and Certain Solution to Impending Spectrum Exhaust Challenges Facing AT&T and T-Mobile USA in Key Markets Due to Explosive Demand for Mobile Broadband
Enhances Network Capacity, Output and Quality in Near Term for Both Companies' Customers
AT&T Commits to Expand 4G LTE Deployment to an Additional 46.5 Million Americans, Including in Rural, Smaller Communities, for a Total of 294 Million or 95% of the U.S. Population
Provides 4G LTE Service for T-Mobile USA's 34 Million Subscribers
More Than $8 Billion in Incremental Infrastructure Spend by a U.S. Company over Seven Years, Enabling Nation's High-Tech Industry, Innovation and Economic Growth
Creates Substantial Value for AT&T Shareholders Through Large, Straightforward Synergies
DALLAS & BONN, Germany--(BUSINESS WIRE)--AT&T Inc. (NYSE: T) and Deutsche Telekom AG (FWB: DTE) today announced that they have entered into a definitive agreement under which AT&T will acquire T-Mobile USA from Deutsche Telekom in a cash-and-stock transaction currently valued at approximately $39 billion. The agreement has been approved by the Boards of Directors of both companies.
"This transaction represents a major commitment to strengthen and expand critical infrastructure for our nation's future"
AT&T's acquisition of T-Mobile USA provides an optimal combination of network assets to add capacity sooner than any alternative, and it provides an opportunity to improve network quality in the near term for both companies' customers. In addition, it provides a fast, efficient and certain solution to the impending exhaustion of wireless spectrum in some markets, which limits both companies' ability to meet the ongoing explosive demand for mobile broadband.
With this transaction, AT&T commits to a significant expansion of robust 4G LTE (Long Term Evolution) deployment to 95 percent of the U.S. population to reach an additional 46.5 million Americans beyond current plans - including rural communities and small towns. This helps achieve the Federal Communications Commission (FCC) and President Obama's goals to connect "every part of America to the digital age." T-Mobile USA does not have a clear path to delivering LTE.
"This transaction represents a major commitment to strengthen and expand critical infrastructure for our nation's future," said Randall Stephenson, AT&T Chairman and CEO. "It will improve network quality, and it will bring advanced LTE capabilities to more than 294 million people. Mobile broadband networks drive economic opportunity everywhere, and they enable the expanding high-tech ecosystem that includes device makers, cloud and content providers, app developers, customers, and more. During the past few years, America's high-tech industry has delivered innovation at unprecedented speed, and this combination will accelerate its continued growth."
Stephenson continued, "This transaction delivers significant customer, shareowner and public benefits that are available at this level only from the combination of these two companies with complementary network technologies, spectrum positions and operations. We are confident in our ability to execute a seamless integration, and with additional spectrum and network capabilities, we can better meet our customers' current demands, build for the future and help achieve the President's goals for a high-speed, wirelessly connected America."
Deutsche Telekom Chairman and CEO René Obermann said, "After evaluating strategic options for T-Mobile USA, I am confident that AT&T is the best partner for our customers, shareholders and the mobile broadband ecosystem. Our common network technology makes this a logical combination and provides an efficient path to gaining the spectrum and network assets needed to provide T-Mobile customers with 4G LTE and the best devices. Also, the transaction returns significant value to Deutsche Telekom shareholders and allows us to retain exposure to the U.S. market."
As part of the transaction, Deutsche Telekom will receive an equity stake in AT&T that, based on the terms of the agreement, would give Deutsche Telekom an ownership interest in AT&T of approximately 8 percent. A Deutsche Telekom representative will join the AT&T Board of Directors.
Competition and Pricing
The U.S. wireless industry is one of the most fiercely competitive markets in the world and will remain so after this deal. The U.S. is one of the few countries in the world where a large majority of consumers can choose from five or more wireless providers in their local market. For example, in 18 of the top 20 U.S. local markets, there are five or more providers. Local market competition is escalating among larger carriers, low-cost carriers and several regional wireless players with nationwide service plans. This intense competition is only increasing with the build-out of new 4G networks and the emergence of new market entrants.
The competitiveness of the market has directly benefited consumers. A 2010 report from the U.S. General Accounting Office (GAO) states the overall average price (adjusted for inflation) for wireless services declined 50 percent from 1999 to 2009, during a period which saw five major wireless mergers.
Addresses wireless spectrum challenges facing AT&T, T-Mobile USA, their customers, and U.S. policymakers
This transaction quickly provides the spectrum and network efficiencies necessary for AT&T to address impending spectrum exhaust in key markets driven by the exponential growth in mobile broadband traffic on its network. AT&T's mobile data traffic grew 8,000 percent over the past four years and by 2015 it is expected to be eight to 10 times what it was in 2010. Put another way, all of the mobile traffic volume AT&T carried during 2010 is estimated to be carried in just the first six to seven weeks of 2015. Because AT&T has led the U.S. in smartphones, tablets and e-readers - and as a result, mobile broadband - it requires additional spectrum before new spectrum will become available. In the long term, the entire industry will need additional spectrum to address the explosive growth in demand for mobile broadband.
Improves service quality for U.S. wireless customers
AT&T and T-Mobile USA customers will see service improvements - including improved voice quality - as a result of additional spectrum, increased cell tower density and broader network infrastructure. At closing, AT&T will immediately gain cell sites equivalent to what would have taken on average five years to build without the transaction, and double that in some markets. The combination will increase AT&T's network density by approximately 30 percent in some of its most populated areas, while avoiding the need to construct additional cell towers. This transaction will increase spectrum efficiency to increase capacity and output, which not only improves service, but is also the best way to ensure competitive prices and services in a market where demand is extremely high and spectrum is in short supply.
Expands 4G LTE deployment to 95 percent of U.S. population - urban and rural areas
This transaction will directly benefit an additional 46.5 million Americans - equivalent to the combined populations of the states of New York and Texas - who will, as a result of this combination, have access to AT&T's latest 4G LTE technology. In terms of area covered, the transaction enables 4G LTE deployment to an additional 1.2 million square miles, equivalent to 4.5 times the size of the state of Texas. Rural and smaller communities will substantially benefit from the expansion of 4G LTE deployment, increasing the competitiveness of the businesses and entrepreneurs in these areas.
Increases AT&T's investment in the U.S.
The acquisition will increase AT&T's infrastructure investment in the U.S. by more than $8 billion over seven years. Expansion of AT&T's 4G LTE network is an important foundation for the next wave of innovation and growth in mobile broadband, ensuring the U.S. continues to lead the world in wireless technology and availability. It makes T-Mobile USA, currently a German-owned U.S. telecom network, part of a U.S.-based company.
An impressive, combined workforce
Bringing AT&T and T-Mobile USA together will create an impressive workforce that is best positioned to compete in today's global economy. Post-closing, AT&T intends to tap into the significant knowledge and expertise held by employees of both AT&T and T-Mobile USA to succeed. AT&T is the only major U.S. wireless company with a union workforce, offering leading wages, benefits, training and development for employees. The combined company will continue to have a strong employee and operations base in the Seattle area.
Consistent with AT&T's track record of value-enhancing acquisitions
AT&T has a strong track record of executing value-enhancing acquisitions and expects to create substantial value for shareholders through large, straightforward synergies with a run rate of more than $3 billion, three years after closing onward (excluding integration costs). The value of the synergies is expected to exceed the purchase price of $39 billion. Revenue synergies come from opportunities to increase smartphone penetration and data average revenue per user, with cost savings coming from network efficiencies, subscriber and support savings, reduced churn and avoided capital and spectrum expenditures.
The transaction will enhance margin potential and improve the company's long-term revenue growth potential as it benefits from a more robust mobile broadband platform for new services.
Additional financial information
The $39 billion purchase price will include a cash payment of $25 billion with the balance to be paid using AT&T common stock, subject to adjustment. AT&T has the right to increase the cash portion of the purchase price by up to $4.2 billion with a corresponding reduction in the stock component, so long as Deutsche Telekom receives at least a 5 percent equity ownership interest in AT&T.
The number of AT&T shares issued will be based on the AT&T share price during the 30-day period prior to closing, subject to a 7.5 percent collar; there is a one-year lock-up period during which Deutsche Telekom cannot sell shares.
The cash portion of the purchase price will be financed with new debt and cash on AT&T's balance sheet. AT&T has an 18-month commitment for a one-year unsecured bridge term facility underwritten by J.P. Morgan for $20 billion. AT&T assumes no debt from T-Mobile USA or Deutsche Telekom and continues to have a strong balance sheet.
The transaction is expected to be earnings (excluding non-cash amortization and integration costs) accretive in the third year after closing. Pro-forma for 2010, this transaction increases AT&T's total wireless revenues from $58.5 billion to nearly $80 billion, and increases the percentage of AT&T's total revenues from wireless, wireline data and managed services to approximately 80 percent.
This transaction will allow for sufficient cash flow to support AT&T's dividend. AT&T has increased its dividend for 27 consecutive years, a matter decided by AT&T's Board of Directors.
Conditions
The acquisition is subject to regulatory approvals, a reverse breakup fee in certain circumstances, and other customary regulatory and other closing conditions. The transaction is expected to close in approximately 12 months.
Advisors
Greenhill & Co., J.P. Morgan and Evercore Partners acted as financial advisors and Sullivan & Cromwell LLP, Arnold & Porter, and Crowell & Moring provided legal advice to AT&T.
Conference Call/Webcast
On Monday, March 21, 2011, at 8 a.m. ET, AT&T Inc. will host a live video and audio webcast presentation regarding its announcement to acquire T-Mobile USA. Links to the webcast and accompanying documents will be available on AT&T's Investor Relations website. Please log in 15 minutes ahead of time to test your browser and register for the call.
For dial-in access, please dial +1 (888) 517-2464 within the U.S. or +1 (630) 827-6816 outside the U.S. after 7:30 a.m. ET. Enter passcode 8442095# to join or ask the conference call operator for the AT&T Investor Relations event.
The webcast will be available for replay on AT&T's Investor Relations website on March 21, 2011, starting at 12:30 p.m. ET through April 21, 2011. An archive of the conference call will also be available during this time period. To access the recording, please dial +1 (877) 870-5176 within the U.S. or +1 (858) 384-5517 outside the U.S. and enter reservation code 29362481#.
Transaction Website
For more information on the transaction, including background information and factsheets, visit www.MobilizeEverything.com.
About AT&T
AT&T Inc. (NYSE:T) is a premier communications holding company. Its subsidiaries and affiliates - AT&T operating companies - are the providers of AT&T services in the United States and around the world. With a powerful array of network resources that includes the nation's fastest mobile broadband network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet, voice and cloud-based services. A leader in mobile broadband and emerging 4G capabilities, AT&T also offers the best wireless coverage worldwide of any U.S. carrier, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse(R) and AT&T │DIRECTV brands. The company's suite of IP-based business communications services is one of the most advanced in the world. In domestic markets, AT&T Advertising Solutions and AT&T Interactive are known for their leadership in local search and advertising.
Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com. This AT&T news release and other announcements are available at http://www.att.com/newsroom and as part of an RSS feed at www.att.com/RSS. Or follow our news at @ATT.
About Deutsche Telekom
Deutsche Telekom is one of the world's leading integrated telecommunications companies with around 129 million mobile customers, approximately 36 million fixed-network lines and more than 16 million broadband lines (as of December 31, 2010). The Group provides products and services for the fixed network, mobile communications, the Internet and IPTV for consumers, and ICT solutions for business customers and corporate customers. Deutsche Telekom is present in over 50 countries and has around 247,000 employees worldwide. The Group generated revenues of EUR 62.4 billion in the 2010 financial year - more than half of it outside Germany (as of December 31, 2010).
About T-Mobile USA
Based in Bellevue, Wash., T-Mobile USA, Inc. is the U.S. wireless operation of Deutsche Telekom AG. By the end of the fourth quarter of 2010, approximately 129 million mobile customers were served by the mobile communication segments of the Deutsche Telekom group - 33.7 million by T-Mobile USA - all via GSM and UMTS, the world's most widely used digital wireless standards. Today, T-Mobile operates America's largest 4G network, and is delivering a compelling 4G experience across a broad lineup of leading devices in more places than competing 4G services. T-Mobile USA's innovative wireless products and services empower and enable people to stay connected and productive while mobile. Multiple independent research studies continue to rank T-Mobile USA as a leader in customer care and customer satisfaction. For more information, please visit http://www.T-Mobile.com. T-Mobile is a federally registered trademark of Deutsche Telekom AG. For further information on Deutsche Telekom, please visit www.telekom.de/investor-relations.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially. In addition to these factors, there are risks and uncertainties associated with the T-Mobile business, the pendency of the T-Mobile acquisition and the ability to realize the benefits of the integration of the T-Mobile business. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company's website at www.att.com/investor.relations.AT&T to buy T-Mobile USA for $39 billion originally appeared on TUAW on Sun, 20 Mar 2011 14:50:00 EST. Please see our terms for use of feeds.
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Переслать - My top 3 apps: David Chartier
David Chartier once served as a blogger & editor right here on TUAW (amongst other Weblogs, Inc. properties), and he's now an Associate Editor at Macworld. We caught up with him at Macworld Expo where our own Kelly Guimont asked him his "favorite" 3 iPhone apps.
The apps:
My top 3 apps: David Chartier originally appeared on TUAW on Sat, 19 Mar 2011 21:30:00 EST. Please see our terms for use of feeds.
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Переслать - Interview: Ngmoco's We Rule after a year on the App Store
Ngmoco's We Rule has arguably changed the App Store since its release. Before We Rule, the App Store was generally based on a rather traditional gaming model -- developers released games for a price, and customers paid or didn't pay based on that price. But with We Rule, Ngmoco (as outlined by CEO Neil Young at last year's GDC) showed that freemium could really work on the App Store, and the ensuing shift led us away from more traditional games, and further into the idea of games as a service, games that took advantage of a large free audience to make money with microtransactions.
Now, a year after release, Ngmoco says that We Rule is doing better than ever -- they've reached 13 million downloads, and have seen 13 billion minutes played over the past year. 15 million bottles of mojo (the game's main microtransaction currency) are being spent daily, and while plenty of those are earned for free in the game, there's no question that We Rule has seen plenty of success.
TUAW spoke with Caryl Shaw, an executive producer at the company, and she told us a little bit about who's spending all of those minutes in game, Ngmoco's responsibility around microtransactions, and the future of We Rule and Ngmoco's other properties.
Continue reading Interview: Ngmoco's We Rule after a year on the App Store
Interview: Ngmoco's We Rule after a year on the App Store originally appeared on TUAW on Sat, 19 Mar 2011 14:30:00 EST. Please see our terms for use of feeds.
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Переслать - Roundup of developers and apps to help Japan
The developer community is stepping up its offers of help to disaster-struck Japan with increasing ways to send money to those in need. This is a round-up of offers we've heard about -- let us know in comments of any others.
- Simplest of all is the offer from Japanese startup Lunascape: download their free iPhone or iPad version of their tabbed web browser app and they'll donate ¥50 (about US $0.63) up to a total of ¥5 million (about US $65,000 -- in addition to the ¥1 million they've already given) for the Japanese Red Cross and other similar relief organisations.
- Marketcircle are going to give 100% of all proceeds made from their professional time billing programs Billings 3 and Billings Touch to the Red Cross starting on Monday, March 21st, until the end of Wednesday, March 23rd.
- Capcom have reduced the price of Street fighter IV to US $0.99 and are giving 100% of iPhone sales to relief efforts until Monday 21st march.
- Real Software of Austin, Texas, are giving 5% of all sales of their web development tools next week to the American Red Cross's Japan fund.
- The Square Enix Group -- maker of Final Fantasy, Tomb Raider, and Space Invaders -- is donating ¥100 million (about US $1.25 million) to recovery efforts.
- Ohanaware, maker of Mac photo software such as HDRist Pro and Funtastic Photos, is selling all its software at half-price until Friday, March 25 with all profits going to the Red Cross for Japan relief.
- Users of SmartRoam's VoIP app for the iPhone ChatTime can make free calls to Japan until the end of March, which usually costs $15 a month. Users who have already called Japan since the earthquake began will have charges for those calls waived.
- Devon Technologies, makers of data-management Mac software Devon Think and Devon Agent, will donate 20% of its March proceeds to Japanese relief efforts such as Doctors Without Borders.
- Interval Studios, producers of the Thicket and Snowdrift apps for iOS, is donating 100 percent of its proceeds from March 11 to March 31 to the Japan Society's Earthquake Relief Fund.
- Tesla Software is also donating proceeds from the weekend to the Japan Relief fund and will post results on their site.
Roundup of developers and apps to help Japan originally appeared on TUAW on Sat, 19 Mar 2011 11:00:00 EST. Please see our terms for use of feeds.
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Переслать - Cool custom-made iOS device stand
Design student Andrew Kim has produced the very cool Polyply to avoid having all his iOS devices strewn around his desktop like so many expensive paperweights.
Made from acrylate polymer (acrylic plastic), birch plywood and birch it has cutouts for his iPad, iPod
touchClassic, iPhone and pen. It can be turned to give more vertical or horizontal orientations and looks a perfect match for his wireless Apple keyboard, with cutouts for the relevant cables.Andrew says it took him two weeks to put the stand together -- and if this is any indication he looks to have a bright future ahead of him as a designer.
Clarified that it's an iPad, not an iPad 2, in the stand.
[Via Cult of Mac]
Cool custom-made iOS device stand originally appeared on TUAW on Sat, 19 Mar 2011 10:00:00 EST. Please see our terms for use of feeds.
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