Deutsche Telekom in $39 Billion Sale of T-Mobile to AT&T

March 21, 2011

Cleary Gottlieb is serving as antitrust counsel to Deutsche Telekom AG in its sale of T-Mobile USA to AT&T. As announced on March 20, AT&T will acquire T-Mobile in a cash-and-stock transaction currently valued at approximately $39 billion. As part of the transaction, Deutsche Telekom will receive an equity stake in AT&T that would give Deutsche Telekom an ownership interest in AT&T of approximately 8 percent. The transaction is subject to regulatory clearances and customary closing conditions. This is the largest merger deal announced to date in 2011.