T-Mobile, MetroPCS Merger Complete
Deutsche Telekom, the parent company of T-Mobile USA, today announced that the merger of T-Mobile and MetroPCS Communications is complete. The two companies will now be known under the name T-Mobile US, and stock in the company has begun trading on the New York Stock Exchange under the ticker symbol TMUS.
The new T-Mobile US board of directors will have 11 members, which will include two board members from MetroPCS. Tim Höttges, the CFO of Deutsche Telekom, will be the board’s chairman.
“The combination of T-Mobile and MetroPCS creates an even stronger disruptive force in the U.S. wireless market,” said John Legere, president and CEO of T-Mobile US. “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 newly rebranded carrier is still the fourth-largest carrier in the U.S. but now has 43 million subscribers, putting it closer to Sprint Nextel’s subscriber numbers. T-Mobile estimates that the companies’ combined 2012 financial results would have reflected $24.8 billion in revenue.
“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.”