The deal is complete.
T-Mobile and MetroPCS have finally joined forces, and the deal was showcased at the New York Stock Exchange this morning with its new trading ticker "TMUS."
"The combination of T-Mobile and MetroPCS creates an even stronger disruptive force in the U.S. wireless market," said T-Mobile U.S.A. President and Chief Executive Officer John Legere.
The T-Mobile CEO added that even with the merger, the carrier will continue its "Un-carrier" plans and its role in the marketplace for innovation by "tearing up the old playbook and rewriting the rules of wireless to benefit consumers."
The combined company will have 11 members serving on the Board of Directors, but only two will be members of MetroPCS. Deutsche Telekom Deputy Chief Executive Officer and Chief Financial Officer Tim Höttges will serve as chairman of the board.
"By uniting T-Mobile and MetroPCS, we have created a dynamic new player in the wireless industry that has the right strategy and management team in place to compete successfully in today's marketplace," said Höttges. "We look forward to realizing the tremendous potential of the new T-Mobile."
According to a statement by T-Mobile, MetroPCS made a cash payment of $1.5 billion to its stockholders, which is approximately $4.05 per share (prior to the reverse stock split).
Legere will serve as president and CEO of the merged company while former MetroPCS Vice Chairman and Chief Financial Officer J. Braxton Carter will continue to serve as CFO.
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