Last week, shareholders approved the MetroPCS T-Mobile merger, and today, T-Mobile announced that the deal (the combination of T-Mobile USA and MetroPCS Communications) has been completed.
The combined company will be known as simply T-Mobile USA, and will begin trading on the New York Stock Exchange today under the ticker "TMUS."
John Legere will serve as President and CEO, with former MetroPCS Vice Chairman and CFO, J. Braxton Carter, serving as CFO of the combined company. T-Mobile and MetroPCS will continue to operate as separate brands.
"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 Tim Höttges, currently Deputy CEO and CFO of Deutsche Telekom, who will serve as Chairman of the Board. "We look forward to realizing the tremendous potential of the new T-Mobile."
Under the deal's terms, MetroPCS effected a 1 for 2 reverse stock split, made a cash payment of $1.5 billion to its stockholders (approximately $4.05 per share prior to the reverse stock split), and acquired all of T-Mobile's capital stock from Deutsche Telekom in exchange for about 74% of MetroPCS' common stock on a pro forma basis.
The combined company is headquartered in Bellevue, Washington. It also maintains a "significant" presence in Richardson, Texas.