Won't happen. The deal saddles Metro with too much debt and forces them to pay ridiculous interest rates to Deutsche Telekom. Paulson & Co. (Metro's largest shareholder) has said they
won't bite and now P. Schoenfeld Asset Management (hedge fund who also owns a big chunk of Metro) says they'll vote against it too. The vote has been bumped to April 12th. I expect Metro's shareholders will vote it down and wait for a bidding war between Sprint, Dish and TMO.
Without a way to build towers FAST Dish's existing satellite spectrum will go back to the FCC. Sprint wants Dish's spectrum, but Dish hasn't been reasonable in their negotiations. By paying top dollar for Metro, Sprint gains a CDMA network and closes the door for Dish forcing them to either sell Sprint their spectrum cheap or join forces with TMO. I predict Dish will be be cutting a deal with TMO just to spite Sprint when the dust settles.
The Metro-TMO deal was a bad idea from the beginning. Metro runs a prepaid CDMA network with an older, slower LTE technology that isn't as fast as TMO's HSPA+ network. While they could convert Metro's network to GSM eventually at great cost they would also have to force all of Metro's existing customers to replace their existing CDMA handsets. That's hard - harder because Metro's prepaid plans require the customers to pay for their phones 100% out-of-pocket.