The telecom world and cellular consumers finally got closure yesterday as the merger of T-Mobile and Sprint became official. The newly formed company, New T-Mobile, said the deal will drive an investment of $40 billion into its network over the next three years and unleash at least $43 billion in value for shareholders. The company said there were no immediate plans for the Sprint brand while Sprint’s investor relations web page directed all inquiries to T-Mobile’s page. It was also announced that Mike Sievert will replace John Legere as CEO, effective immediately.
“It’s a relief to end the uncertainty and move on with business. Everyone is excited to seize this opportunity to build up our nation’s wireless networks,” said WIA President and CEO Jonathan Adelstein. “It’s more important now than ever to ensure that our nation’s next-generation wireless networks are deployed quickly to serve communities, providing means for telehealth and distance learning, and restoring economic growth and jobs for America.”
“During this extraordinary time, it has become abundantly clear how vital a strong and reliable network is to the world we live in. The New T-Mobile’s commitment to delivering a transformative broad and deep nationwide 5G network is more important and more needed than ever and what we are building is mission-critical for consumers,” said Mike Sievert, president and CEO of T-Mobile. “With this powerful network, the New T-Mobile will deliver real choice and value to wireless and home broadband customers and double down on all the things customers have always loved about the Un-carrier.”
“T-Mobile has been changing wireless for good — and now we are going to do it on a whole new level,” Sievert said. During his tenure as CEO, the company says John Legere engineered a turnaround as T-Mobile disrupted the wireless industry and became the fastest growing company in wireless, capturing 80 percent of the industry’s postpaid phone growth from 2013 to today. Legere will continue as a member of the Board of Directors for the remainder of his current term, through the Annual Meeting of Shareholders scheduled in June 2020.
Heather Gastelum, National Site Safety at T-Mobile, said in a social media post: “Hold on for the ride folks…l know you’re going to enjoy our energetic culture, besides Magenta, looks great on everyone!”