Deutsche Telekom committed to securing majority in T-Mobile - CEO
20/05/2021 13:07
BERLIN, May 20 (Reuters) - Deutsche Telekom DTEGn.DE is
committed to securing majority ownership of its U.S. business
T-Mobile TMUS.O , Chief Executive Tim Hoettges told an investor
presentation on Thursday.
"We are clearly willing to get the majority in the timeframe
that we have laid out," Hoettges said. This would happen by the
time that the proxy voting rights it holds expire in 2024, the
executive added.
Deutsche Telekom's stake was diluted to 43% after T-Mobile
took over its smaller rival Sprint, but under a shareholder
agreement it can vote former Sprint owner Softbank Group's
9984.T remaining 9% stake, thereby assuring overall control.
Hoettges has said he expects T-Mobile to return capital to
investors via a share buyback. With its share of proceeds,
Deutsche Telekom would be able to raise its stake, in part by
exercising a call option struck with Softbank. urn:newsml:reuters.com:*:nL8N2LU28O
(Reporting by Douglas Busvine
Editing by Riham Alkousaa)
((douglas.busvine@tr.com; +49 30 220 133 562;))