"In today's marketplace, spectrum is gold," said John Legere, President and CEO of T-Mobile. "This is a rare opportunity to secure precious AWS spectrum in key markets that will immediately be put to use by both T-Mobile and MetroPCS customers. This deal expands our network and capacity, allowing for a broader roll-out of 4G LTE and an even faster and more reliable 4G experience for our customers – in addition to spurring competition in the wireless marketplace."
The agreement is subject to approval by the Federal Communications Commission (FCC) and Department of Justice, and other customary closing conditions. Following regulatory approval, the transaction is expected to close in the fourth quarter of 2013.