It has felt like it might not ever happen, despite the fact that both T-Mobile and Sprint have worked so hard for it. But oftentimes effort pays off, and now the Un-carrier and Now Network are officially announcing a plan to merge.
Sprint and T-Mobile made the joint announcement on Sunday, confirming that both companies have agreed on terms to merge the two entities into one wireless carrier. That new company will be called T-Mobile, and it will be based out of Bellevue, Washington. John Legere, the current CEO of T-Mobile, will be retained as CEO, while the Un-carrier's COO, Mike Sievert, will be sticking around as the new T-Mobile's COO and President.
Marcelo Claure, the CEO of Sprint, as well as Masayoshi Son, the CEO of Sprint's parent company, SoftBank, will be joining the new company's board. Deutsche Telekom, T-Mobile's parent company, will hold 42 percent stake in the new company, while SoftBank will hold 27%.
While the two companies have finally come to terms on the merge, they still need to win over the shareholders, and wait for regulators in the United States to confirm or deny the merger. It's still possible this doesn't go through.
The new T-Mobile will be putting an even bigger focus on 5G wireless technologies, while also opening up new job opportunities in the U.S., and "greater economies of scale". Legere says that the new T-Mobile will drive even more competition, lower prices, and much more as it takes on Verizon and AT&T.
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