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T-Mobile and Sprint announce merger, John Legere will remain CEO

It seems like a T-Mobile and Sprint merger has been in the work for ages. After discontinuing talks late last year, the two companies have finally reached an agreement. Today, the companies have entered into an agreement to merge in an all-stock transaction, the rate at which will be fixed, coming in at 0.10256 T-Mobile shares for each Sprint share equivalent to 9.75. The numbers were based on closing prices as of April 27.

When merged, the company will retain the T-Mobile name and will "be a force for positive change in the U.S., wireless, video, and broadband industries". According to T-Mobile, the merging of the two companies will allow it to you have the network capacity to rapidly deploy its 5G network. The firm is expecting to deliver speeds that are on average 15 times faster by 2024, with many customers experiencing speeds that are up to 100 times faster than current 4G.

The new T-Mobile will be able to provide "lower prices, better quality, unmatched value, and greater competition". The firm states that it will also be able to provide more jobs. John Legere, who is the current President and Chief Executive Officer of T-Mobile US, will remain as CEO. Mike Sievert, who is the current Chief Operating Officer of T-Mobile, will serve as President and Chief Operating Officer of the combined company. Marcelo Claure, who is the current Chief Executive Officer of Sprint, will serve on the board of the new company along with Masayoshi Son, the current SoftBank Group Chairman and CEO, also the current chairman of Sprint.

This merger has been a long time in the making. It will be interesting to see what kind of changes the two combined can make in the wireless industry, which has long been dominated by AT&T and Verizon. This will be the start of a new era for T-Mobile, the Un-carrier.

Source: T-Mobile

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