According to AT&T, the deal will help the company expand its wireless 4G network to 95% of the U.S. population and reach an additional 46.5 million Americans beyond the company's current plans.
"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., in a statement."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."
As part of the deal, Deutsche Telekom will receive an approximately 8% stake in AT&T, as well as a representative on the company's board of directors.