For Deutsche Telekom, the attractively valued deal terms of an estimated 7.1 times multiple of 2010 adjusted earnings before interest, tax, depreciation and amortization, gives it a tidy partial exit from the U.S. market that once held great promise at the turn of the millennium, but led to steep stock declines. Under the current terms of the deal, Deutsche Telekom could become AT&T's largest shareholder with an 8 per cent stake.