Deutsche Telekom announced Wednesday morning, as expected, that it has completed its merger of T-Mobile USA and MetroPCS. The merger went relatively smoothly but hit a bit of a rough patch when MetroPCS shareholders were waiting for a better deal from Deutsche Telekom, which eventually arrived and was approved.
“The combination of T-Mobile and MetroPCS creates an even stronger disruptive force in the U.S. wireless market,” T-Mobile President and CEO John Legere said. “Together, as America’s Un-carrier, we’ll continue our legacy of marketplace innovation by tearing up the old playbook and rewriting the rules of wireless to benefit consumers.” The new board will have 11 members.
T-Mobile said that, combined, it will now cover 301 million people in the United States, 228 million of which have access to 4G coverage and 200 million of which will have 4G LTE access by the end of this year.
MetroPCS paid out $1.5 billion to its stockholders, about $4.05 per share, as part of the deal. T-Mobile CEO John Legere will remain on as the CEO but MetroPCS’s CFO J. Braxton Carter will serve as the carrier’s new chief financial officer. The carriers will continue to operate as two different brands.