Following their court win allowing their proposed merger to move forward, T-Mobile and Sprint have come to new terms.
In the aftermath of their court victory, it was reported that T-Mobile parent Deutsche Telekom was renegotiating the terms of the deal as a result of how much Sprint had dropped in value since the original deal was struck. When asked about it, CEO Timotheus Hottges declined to comment on any internal negotiations.
The two companies have successfully completed negotiations, with Deutsche Telekom taking a 43% stake in the new company, up from 42%. Meanwhile, Sprint parent SoftBank will have 24%, with the remaining 33% held by public shareholders.
“Today’s announcement is another significant step forward toward finally closing this transaction! Throughout this journey, T-Mobile and Sprint have been singularly focused on one thing: building a supercharged Un-carrier that will offer U.S. consumers a broad and deep nationwide 5G network, more choice and greater competition. We are now on the threshold of achieving our goal. And did I mention how fun it’s going to be sticking it to Dumb, Dumber and Big Cable along the way? This is going to be epic!” said John Legere, CEO of T-Mobile.
“With today’s agreement in place, we are now turning our attention toward our goal of closing this transaction and creating the New T-Mobile as early as April 1, 2020,” said Mike Sievert, COO and President of T-Mobile, and appointed CEO of the company starting on May 1, 2020. “We are on the verge of being able to do what we’ve set out to do from day one — reshape a broken wireless industry and create the new standard for consumers when it comes to value, speed, quality and service. The New T-Mobile is literally going to change wireless for good and now we’re almost ready to get to the fun part: bringing our teams together, building this supercharged Un-carrier and becoming the envy of the wireless industry and beyond!”