T-Mobile and Sprint officially completed their $26 billion merger.
After months of regulatory maneuvering, Tech Crunch reported on April 1st that T-Mobile and Sprint had officially completed their $26 billion merger, which has previously promised that subscribers will have access to “the same or better rate plans” for three years as part of the deal.
Alongside news of the merger being finalized, T-Mobile shared that its CEO transition is taking place early as part of finishing the deal. John Legere, leader of T-Mobile for nearly a decade, handed leadership to his longtime second-in-command, Mike Sievert, previously T-Mobile’s COO. Legere was supposed to stay on until the end of April, but Mike Sievert has been appointed CEO a month early, effective immediately.
The New York Times adds that the company plans to quickly develop the fifth-generation wireless technology that will bring broadband-style service through the air and is seen as a critical component of the nation’s infrastructure. T-Mobile has said that deploying 5G would have taken much longer and cost much more without the addition of Sprint. The merger is the latest in a wave of corporate deals that, together, have topped $200 billion in the past two years.