It's been almost two years since T-Mobile and Sprint announced their plans to merge as one company, and it's been a bumpy ride. But today, T-Mobile announced that its acquisition of the rival carrier is complete, making way for the New T-Mobile, although the company will actually still just be called T-Mobile.
Mike Sievert is taking the role of CEO, as John Legere had already announced that he'll be stepping down when the acquisition is completed.
"During this extraordinary time, it has become abundantly clear how vital a strong and reliable network is to the world we live in. The New T-Mobile’s commitment to delivering a transformative broad and deep nationwide 5G network is more important and more needed than ever and what we are building is mission-critical for consumers," said Sievert. "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!"
T-Mobile is promising that its new network will have 14 times more capacity within the next six years, and its 5G speeds will be up to eight times faster than its current 4G LTE speeds. It's also promising to cover 99% of the U.S. population with 5G in that timeframe, and 90% of the U.S. population will get speeds of over 100Mbps.
The company is also talking about a new in-home wireless broadband service. Now that the Un-carrier has taken on the other wireless carriers and become a giant in the field, it's time to take on the cable companies. T-Mobile says that 90% of the population will have access to 100+Mbps speeds for in-home service.
As for the financial stuff, T-Mobile will continue to trade under TMUS, and Sprint shareholders will receive 0.10256 TMUS shares for each Sprint share. That works out to about one TMUS share for 9.75 Sprint shares.