It’s finally happening. The off and on talks between T-Mobile and Sprint merging are now through because the companies have made it official.
T-Mobile and Sprint are merging to make a combined U.S. carrier that has a value of $146 billion.
The big news was announced on Sunday and it culminates the four years of off and on again discussions that the two companies have had.
T-Mobile’s CEO John Legere tweeted the good news with a seven minute video that breaks down the merger.
He wrote, “I’m excited to announce that @TMobile & @Sprint have reached an agreement to come together to form a new company – a larger, stronger competitor that will be a force for positive change for all US consumers and businesses! Watch this & click through for details.”
“This combination will create a fierce competitor with the network scale to deliver more for consumers and businesses in the form of lower prices, more innovation, and a second-to-none network experience — and do it all so much faster than either company could on its own,” Legere officially stated.
“We intend to bring this same competitive disruption as we look to build the world’s best 5G network that will make the US a hotbed for innovation and will redefine the way consumers live and work across the US, including in rural America.”
Legere will be the leader of the newly combined company and the T-Mobile name will remain.
Deutsche Telekom will have a 42% stake in the combined company while SoftBank will have 27% stake. The 31% remaining will be owned by the public.
The deal is still subject to regulatory approval
Disclaimer: We have no position in T-Mobile Us Inc. (NASDAQ: TMUS) nor Sprint Corp. (NYSE: S) and have not been compensated for this article.