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T-Mobile, Sprint Amend Business Combination Agreement.

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TELECOMWORLDWIRE-February 27, 2020-T-Mobile, Sprint Amend Business Combination Agreement

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T-Mobile US, Inc. (NASDAQ: TMUS) and Sprint Corporation (NYSE: S) have announced that they have entered into an amendment to their definitive Business Combination Agreement to create the New T-Mobile, the companies said.

The Boards of Directors of T-Mobile and Sprint have unanimously approved the amendment. The amendment has no impact on T-Mobile's previously stated outlook on the New T-Mobile's synergies, long-term profitability and cash generation.

A separate arrangement entered into by SoftBank Group Corp. in connection with the amendment will result in an effective exchange ratio of approximately 11.00 Sprint shares for each T-Mobile share immediately following the closing of the merger, an increase from the originally agreed 9.75 shares.

This is a result of SoftBank agreeing to surrender approximately 48.8 million T-Mobile shares acquired in the merger to New T-Mobile immediately following the closing of the transaction, making SoftBank's effective ratio 11.31 Sprint shares per T-Mobile share. Sprint shareholders other than SoftBank will continue to receive the original fixed exchange ratio of 0.10256 T-Mobile shares for each Sprint share, or the equivalent of approximately 9.75 Sprint shares for each T-Mobile share.

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