T-Mobile on Wednesday announced it had completed its merger with MetroPCS. The company will begin trading on the New York Stock Exchange Wednesday using the ticker symbol "TMUS."
"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, in a press release. "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 deal gives T-Mobile a 74% stake in new entity. MetroPCS shareholders got $4.06 a share for a total of $1.5 billion.
The deal, announced last October, gives T-Mobile 10 million more subscribers for a total of 43 million. That does not change the brand's status as the fourth-largest U.S. telecom after AT&T, Verizon and Sprint. The deal cleared its final hurdle in March when the FCC approved it.