Group organization, strategy, and management With regard to our Group organization, strategy, and management, please refer to the explanations in the combined management report in the 2019 Annual Report. The following changes and/or additions were recorded from the Group’s point of view: Our responsible corporate governance and business success are based on our shared corporate values and our updated Guiding Principles from February 2020: The business combination of T‑Mobile US and Sprint was completed on April 1, 2020, forming the all-new, larger T‑Mobile US. The transaction had previously worked its way through various approval processes involving numerous national and regional courts and authorities in the United States. Most recently, on April 16, 2020, the business combination was approved by the California Public Utilities Commission (CPUC). This merger is the culmination of Deutsche Telekom’s successful strategy for its U.S. operations. The business combination creates an all-new, larger company with market capitalization of around USD 110 billion (based on the T‑Mobile US and Sprint share prices on March 31, 2020). At our annual press conference on February 19, 2020 we presented some key data for the new T‑Mobile US based on the combined figures recorded by the two predecessor companies as of year-end 2019: some 140 million customers, more than 100 million of them branded customers; revenue of around USD 77 billion; and an aggregate nationwide spectrum portfolio of around 300 MHz across all bandwidths. This portfolio provides a much stronger basis for T‑Mobile US to significantly expand nationwide coverage and to extend its mobile network capacities, which translates into clear potential for sustained customer growth. The future structure of the new T‑Mobile US must factor in the agreement reached with the U.S. Department of Justice, one condition of which is that Sprint divests its prepay business to satellite TV operator DISH Network for around USD 1.4 billion. The agreement also includes the sale of part of the 800 MHz spectrum held by Sprint to DISH for around USD 3.6 billion. The planning for the merged entity remains based on expected cost and capital expenditure synergies with a net present value of USD 43 billion. The cost savings generated by these synergies are predicted to exceed the integration costs, starting three years after the transaction takes effect. The business combination of T‑Mobile US and Sprint takes the form of an all-stock transaction. The new company will continue to be included in Deutsche Telekom’s consolidated financial statements as a fully consolidated subsidiary. As announced in 2018, rating agency Standard & Poor’s downgraded Deutsche Telekom AG’s rating from BBB+ to BBB with a stable outlook on completion of the business combination of T‑Mobile US and Sprint. We are therefore still a solid investment-grade company with access to the international capital markets. At its meeting on May 22, 2019, the Supervisory Board of Deutsche Telekom AG resolved to dissolve the Data Privacy, Legal Affairs and Compliance (DRC) Board department effective December 31, 2019. The Internal Audit and Risk Management units were assigned to the Finance Board of Management department. Group Security Governance was assigned to the Board of Management department for Technology and Innovation. The Data Privacy, Legal Affairs, and Compliance units were assigned to the Human Resources Board of Management department and are led by Dr. Claudia Junker, who in her capacity as General Counsel and Executive Vice President reports directly to Birgit Bohle. Birgit Bohle has headed up the extended Human Resources and Legal Affairs Board department since January 1, 2020. Dr. Thomas Kremer left the Group for reasons of age effective March 31, 2020. Until his departure, Dr. Kremer supported the transition to the new structures as part of a designated mandate. Deutsche Telekom AG thus had eight Board of Management departments as of April 1, 2020. schließen Prepay/prepaid In contrast to postpay contracts, prepay communication services are services for which credit has been purchased in advance with no fixed-term contractual obligations.