Is the deal value between AT&T and T-Mobile USA reasonable?

On Sunday March 20, 2011, it was reported by CNN that AT&T has agreed to buy T-Mobile for $39 Billion.
It was stated in the CNN article that the deal would take roughly 12 months to close.

Let's consider the problem "Is the deal value between AT&T and T-Mobile USA reasonable?"
T-Mobile USA's aggregate value of listed stock is about $40.9 Billion based on current value.
The number of T-Mobile's subscribers is 34 million.

How about compared with Korean operators?

	T-Mobile USA	SKT	KT	LGU+
Aggregate value of listed stock	$40.9 Billion	$11.5 Billion	$8.8 Billion	$2.6 Billion
Number of subscribers	34 Million	26 Million	16 Million	9 Million
Stock price per one subscriber	$1.2 Million	$0.4 Million	$0.5 Million	$0.3 Million

<21 Mar. 2011>

In my opinion, T-Mobile USA's value is evaluated adequately. 
On the other hand, Korean operator's stock price is undervalued in many aspects.(PBR and PER and so on)