Deutsche Telekom AG (NYSE: DT), VoiceStream Wireless Corp. (NASDAQ: VSTR) and Powertel, Inc. (NASDAQ: PTEL) today received notice from the Committee on Foreign Investment in the United States (CFIUS) that it has finished its review and decided to take no further action on the Deutsche Telekom, VoiceStream Wireless and Powertel mergers.
With CFIUS notification, all regulatory reviews have been completed. The proposed mergers remain subject to customary closing conditions. VoiceStream and Powertel stockholders approved their merger agreements with Deutsche Telekom on March 13, 2001. Deutsche Telekom expects to complete the transactions at the end of May 2001.
| About Deutsche Telekom Deutsche Telekom is Europe's largest communications company and one of the largest communications carriers worldwide based on 2000 revenues of 40.9 billion euros ($38.6 billion). Through T-Mobile , Deutsche Telekom's mobile telephony subsidiary, Deutsche Telekom serves more than 45 million mobile telephony customers worldwide. Deutsche Telekom offers its customers a complete range of fixed-line voice telephony products and services through approximately 50 million access lines. Deutsche Telekom is a leading provider of high-speed digital access lines with approximately 850,000 new asymmetric digital subscriber line (T-DSL) services currently sold and more than 18 million channels using the information transfer standard ISDN (Integrated Services Digital Network). In online services, T-Online is Europe's largest Internet provider with more than 8.5 million subscribers. In January 2001, Deutsche Telekom launched T-Systems , Europe's second-largest provider of comprehensive IT and telecommunications services to business customers in more than 20 countries. For more information about Deutsche Telekom, visit http://www.telekom.de/international. About VoiceStream Wireless Based in Bellevue, WA, VoiceStream Wireless Corp. (NASDAQ:VSTR) is a leading provider of digital wireless communications services in the United States. VoiceStream and its affiliates have licenses or pending licenses to provide service to more than 272 million people, representing 97 percent of the U.S. population. VoiceStream uses and operates the Global System for Mobile (GSM) communications technology platform. Adopted by 165 countries, GSM accounts for approximately 70 percent of the total digital wireless market. VoiceStream is the only U.S. wireless telecommunications provider with a national GSM wireless technology network, which gives customers the choice of using their VoiceStream number when traveling internationally and supports roaming capabilities for other GSM customers traveling to the United States. For more information, go to www.voicestream.com. About Powertel Powertel, Inc. provides 100 percent digital PCS wireless services in its licensed service area in 12 states in the Southeast - one of the largest contiguous PCS networks in the southeastern United States. Through its affiliation with other GSM carriers, Powertel's coverage extends across the United States to most major cities and into much of Canada to a population of more than 260 million people. Powertel's core markets are in 34 southeastern metropolitan areas and along the major highway corridors that connect them. Athens, Atlanta, Augusta, Columbus, Birmingham, Chattanooga, Jackson, Jacksonville, Knoxville, Lexington, Louisville, Macon, Memphis, Nashville and Savannah are among the municipalities in Powertel's licensed service area, which has a population of more than 25 million people. For more information on Powertel and its products and services, visit the company on its web site at: http://www.powertel.com This press release contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking statements within the meaning of the safe harbor provisions of the U.S. federal securities laws. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond Deutsche Telekom's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in Deutsche Telekom's reports filed with the Securities and Exchange Commission (the "Commission"). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Deutsche Telekom does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release. |