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twitterVoiceStream Wireless sold for $50.7 billion
Monday, July 24, 2000 | 11:25 a.m.
FRANKFURT, Germany -- Deutsche Telekom AG today agreed to pay $50.7 billion for VoiceStream Wireless Corp., giving Europe's biggest telecom company its first foothold in the United States.
The deal, however, faces opposition in Washington since Deutsche Telekom is majority-owned by the German government. European officials say, however, that any opposition could have implications regarding previously established World Trade Organization agreements.
Despite being unprofitable and only a year old, VoiceStream wireless was an attractive property for Deutsche Telekom because it's growing rapidly, has licenses covering many major U.S. markets and is not part of a larger company.
VoiceStream also makes a good fit with the German company because it uses the global system for mobile communications, or GSM, the most popular digital cellular standard outside the United States. Deutsche Telekom was believed to be considering overtures to two other U.S. telecom operators, Qwest and Sprint.
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