T-Mobile to buy SunCom Wireless of Berwyn for $2.4 billion

Wireless phone provider T-Mobile USA Inc. today said it will acquire Berwyn-based SunCom Wireless Holdings Inc. for $2.4 billion in cash and debt.

SunCom provides wireless phone services in North Carolina, South Carolina, Tennessee, Georgia, Puerto Rico and the U.S. Virgin Islands.

The deal includes about $1.6 billion in cash, and $800 million in debt.  T-Mobile, of Bellevue, Wash.,  is a wholly owned subsidiary of Deutsche Telekom AG.

SunCom shares were up $3.81, or more than 17 percent, to $25.81 minutes after opening this morning on the New York Stock Exchange.

Investment funds affiliated with Highland Capital Management, L.P. and Pardus Capital Management, who together own more than 50 percent of SunCom's common stock, have committed to vote in favor of the transaction, the wireless companies said.

As of June 30, had 1.1 million customers. Under the terms of the merger agreement, SunCom stockholders will receive $27 per share in cash. The price represents a premium of 22.7 percent  over the closing price of SunCom common stock on the New York Stock Exchange on Friday. The acquisition, which is subject to governmental and regulatory approvals, approval by SunCom shareholders and other customary closing conditions, is expected to close in the first half of 2008, the companies said.

"This transaction is a testament to all that SunCom has achieved - transforming this company through our financial and operational restructuring into the growing, profitable business it is today," Michael E. Kalogris, chairman and chief executive officer of SunCom, said in a statement.