Deutsche Telekom reaches majority stake in T-Mobile U.S. – CEO

(Reuters) – Deutsche Telekom now holds a majority in T-Mobile U.S., the chief executive of the German telecoms company said on Wednesday.

The company reached a majority stake in T-Mobile U.S late Tuesday, CEO Tim Höttges said at the company’s annual general meeting.

“We have the majority and are the largest shareholder of the world’s most valuable telecommunications company – T-Mobile U.S.,” he said.

Since 2013, the value of T-Mobile U.S. has increased by 153 billion euros ($167.44 billion).

The increase in value for Deutsche Telekom’s shareholders stood at more than 70 billion euros, Höttges said.

Deutsche Telekom estimates that the benefits of the transaction – between $7.2 and $7.5 billion – will outweigh the costs, which will amount to less than $1 billion in 2023.

($1 = 0.9137 euros)

(Reporting by Tom Käckenhoff, writing by Linda Pasquini, editing by Friederike Heine)