31 May 2001
(Hong Kong, 31 May 2001) Hutchison Whampoa Limited announced today that its US associated company (18.4% effective interest) VoiceStream Wireless Corp ("VSTR") has completed its merger with Deutsche Telekom AG ("DT").
At completion, Hutchison received a total consideration of approximately US$5.1 billion (approximately US$90.47 per VSTR share), split as to cash of approximately US$885 million (US$15.7262 per VSTR share) and approximately 206.6 million DT shares (3.6693 DT shares per VSTR share).
Based on the closing price and exchange rates on 30 May 2001, the DT shares received by Hutchison would have a market value of over US$4.2 billion. Hutchison will book a profit of approximately HK$30 billion as a result of this transaction. This represents an approximate four fold return on Hutchison's investment in VoiceStream, which was made in 1998 and 1999.
For enquiries:
Laura Cheung
Tel: (852) 2128 1289 Fax: (852) 2128 1766
Email: laurac@hwl.com.hk
Note to Editor: The joint press release of VSTR and DT is available on the following websites: http://www.voicestream.com/ and http://www.telekom.de/
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