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April 2, 2020
After facing opposition and delays, T-Mobile has completed its $26 billion merger with Sprint.
On Wednesday, T-Mobile said the combination creates the “New T-Mobile, a supercharged Un-carrier that will deliver a transformative 5G network.” The parent of the combined company is T-Mobile US, whose stock will continue to trade on the Nasdaq. The combined company will operate under the name T-Mobile.
The enhanced scale and financial strength of T-Mobile and Sprint will drive a planned investment of $40 billion into its network, business and more over the next three years, T-Mobile said. Financial results achieved from the integration have the “potential to unlock massive scale and unleash at least $43 billion in value for shareholders,” it said.
T-Mobile also has completed its long-planned CEO transition from John Legere to Mike Sievert ahead of schedule. Effective immediately, Sievert will assume the role of CEO of T-Mobile. Legere has served as T-Mobile’s CEO since 2012.
“During this extraordinary time, it has become abundantly clear how vital a strong and reliable network is to the world we live in,” Sievert said. “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. 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.”
Last month, T-Mobile reassured stakeholders that it could still afford to pay for the merger despite COVID-19 concerns. None of the 16 banks supporting the multibillion-dollar transaction had withdrawn their support, it said.
The company said it plans to deliver a “seamless, high-quality” integration as with its MetroPCS merger, which was completed a year earlier than planned.
Sprint has been growing its program in the past several years, but T-Mobile’s channel play has been largely insignificant. Stay tuned for updates on the future of the combined company’s channel.
“I am excited about the future for the channel,” said Scott Valentine, sales director for the Sprint Partner Program. “More to come.”
Read more about:Agents
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