MetroPCS has proposed a merger with Leap Wireless International, in a deal with an estimated value of $5.1 billion. The tax-free stock-for-stock merger would see each outstanding share of Leap’s stock exchanged for 2.75 shares of MetroPCS common stock, with the resulting company 65.4 percent owned by MetroPCS shareholders reports RCRNews. Metro will also take on about $2 billion of Leap’s debt. MetroPCS had 3.5 million subscribers in June this year (Q2 results PDF), and Leap has about 2.67 million customers (from Wikipedia).
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