T-Mobile US announced today that it has officially completed its merger with Sprint Corp.
In its place is New T-Mobile, billing itself as “a supercharged Un-carrier that will deliver a transformative 5G network.”
In a news release announcing completion of the deal, new T-Mobile said the union enhanced scale and financial strength of the combined company and would drive an investment of $40 billion into its network, business and more over the next three years. Shareholders, it said, stood to realize at least $43 billion in additional value.
John Legere of T-Mobile turns over the reins as president and CEO to Mike Sievert earlier than planned.
“With this powerful network, the New T-Mobile will deliver real choice and value to wireless and home broadband customers and double down on all the things customers have always loved about the Un-carrier. T-Mobile has been changing wireless for good — and now we are going to do it on a whole new level!”
He also thanked Sprint’s Marcelo Claure, who joins Legere on the board of directors.
The company said that over the next six years, the 5G upgrade would lead to better products at lower prices, and higher-quality speed and service.
Under the terms of the transaction, Sprint shareholders will receive a fixed exchange ratio of 0.10256 T-Mobile shares for each Sprint share, or the equivalent of approximately 9.75 Sprint shares for each T-Mobile share. Sprint’s parent, SoftBank Group Corp., surrendered approximately 48.8 million T-Mobile shares acquired in the merger to New T-Mobile immediately following the closing of the transaction, making SoftBank’s effective ratio 11.31 Sprint shares per T-Mobile share.
Effective at the beginning of today’s trading session, T-Mobile will trade on the NASDAQ on a combined basis under the ticker symbol “TMUS.”
Sprint shares will no longer trade on the New York Stock Exchange.