Deutsche Telekom (OTC) increased its stake at T-Mobile US after purchasing new shares from Softbank US (OTC) for $2.4 Billion, according to the German telecoms company.

The move increases Deutsche Telekom’s holding in T-Mobile US to 48.4% from less than 47%, bringing the company a step closer to acquiring a majority stake.

The terms of the 2020 deal with Softbank saw the Bonn-based telecoms company pay $101.46 per T-Mobile Share for 11.8 Million of its shares and $128.68 for the remainder. This brings the total price of the deal to $113 for each T-Mobile US share.

Deutsche partially funded this move by using 4 billion euros that it refinanced after its sale of T-Mobile Netherlands.

By Senad Karaahmetovic