FRANKFURT – The board of MetroPCS has approved to merge with Deutsche Telekom's
According to the newspaper the two plan to list the new entity, in which Deutsche Telekom will hold a 74 percent stake and MetroPCS 26 percent.
MetroPCS will also receive $1.5 billion in cash, Financial Times Deutschland said.
Deutsche Telekom, T-Mobile USA and MetroPCS could not immediately be reached for comment.
Deutsche Telekom announced on Tuesday it is in talks to merge its T-Mobile USA unit with smaller rival MetroPCS, in a move that could pave the way for the German company to eventually exit the U.S. wireless market.
(Reporting by Harro ten Wolde in Frankfurt and Liana Baker in New York)