Telekom ties up U.S. deal

May 31, 2001
Web posted at: 1128 GMT

LONDON (CNN) -- Deutsche Telekom, Europe's biggest phone company, said on Thursday it completed the acquisitions of VoiceStream Wireless and Powertel.

The completion of the VoiceStream takeover, originally valued at $53 billion, comes a year after the deal was announced, as Deutsche Telekom overcame various U.S. regulatory and national security concerns.

VoiceStream hopes the deal with Deutsche Telekom (FDTE) will propel its expansion plans in existing and new markets as well as speeding up the deployment of advanced wireless products and services.

VoiceStream Wireless, the sixth-largest U.S. wireless operator, said earlier this month its first-quarter loss tripled to $651.2 million.

Deutsche Telekoms' shares, which have fallen by 75 percent since last March and have lost more than half their value in the last year, rose 4.6 percent to 24.90 in midday Frankfurt trade.

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