T-Mobile closes Sprint merger2020-04-01 16:32 by Daniela
Tags: T-Mobile, Sprint
T-Mobile and Sprint officially completed their $26 billion merger today. The combined company will now operate under the T-Mobile name and will trade on the NASDAQ as "TMUS."
Both companies claim the merger will let them better compete with industry giants Verizon and AT&T. The move will see T-Mobile divest Sprint's Boost prepaid brand and spectrum to Dish, which will enter the market as a new fourth carrier. Dish, led by Charlie Ergen, has spent years and billions of dollars accumulating its own wireless spectrum and was previously under a deadline imposed by the Federal Communications Commission to put some of its spectrum trove to use by March of this year or risk losing it.
T-Mobile has previously said that it will take about three years to fully integrate Sprint into its operations and network setup. Sprint customers will still use a separate Sprint network, while existing T-Mobile customers will still use T-Mobile's.
T-Mobile's long-time Chief Executive John Legere is stepping down from his position effective immediately as part of the deal. Legere was originally set to leave at the end of April, with Mike Sievert, T-Mobile's president, as his successor. Legere, who helped launched the company's notable "Un-carrier" strategy, will serve on T-Mobile's board of directors.
"I had originally planned to stay on through the end of my contract on April 30, 2020, but it makes much more sense to transition this responsibility to Mike today," Legere said.
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