T-Mobile shares rose 2.34 percent on the announcement. Chairman of the FCC, Ajit Pai, supported the merger with hopes it would launch the United States further ahead in the 5G race. This means more 5G coverage for T-Mobile customers but also less choice for all U.S. consumers.
Said Legere: "You know T-Mobile has been all about challenging the status quo ... and Sprint has a track record of being a tenacious challenger and a dedicated customer advocate as well". It has taken a long time to close because of pushback from state and federal regulators.
The combined company will now operate under the T-Mobile name and trade on the Nasdaq under the symbol TMUS.
T-Mobile and Sprint announced the closing of their US$30 billion merger on Wednesday, the result of a long-in-the-works effort by both companies to speed the progress of wireless technology and put up a fight against AT&T and Verizon, the two companies that have long dominated the industry.
T-Mobile will sell assets to satellite TV company Dish to try to set it up as a new wireless company. Both Joint Applicants, T-Mobile and Sprint, have California subsidiaries that are public utility telephone corporations under state law, and subject to the jurisdiction of this agency. Over time, T-Mobile will migrate people to its network and retire the Sprint brand.
"Behind the scenes, the team's working hard to bring it all together to create an awesome experience for customers of the new T-Mobile", it added. Effective immediately, T-Mobile's former COO Mike Sievert will assume the role of CEO, with John Legere stepping down. Legere, who helped launched the company's notable "Un-carrier" strategy, will serve on T-Mobile's board of directors.
"We are eager to welcome Boost customers, employees and dealers, and look forward to delivering lower prices and increased competition in the prepaid market", Dish said in a statement to Light Reading. The idea is that Dish will become a new fourth mobile carrier, but it has been hoarding spectrum for years with no plans to offer service.
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