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T-Mobile/Sprint Deal Could Close as Soon as April 1

T-Mobile/Sprint Deal Could Close as Soon as April 1

The T-Mobile/Sprint merger deal cleared the last major regulatory hurdle earlier this month, and the carriers have announced today that they have finalized the terms for the merger. They say the deal, which will create the “New T-Mobile,” could close as early as April 1.

CNET reports the terms of the new deal give Deutsche Telekom a larger stake in New T-Mobile. The change includes an improved exchange ratio for the all-stock deal. The German telecom giant will own 43% of the new company. Softbank, which is majority owner of Sprint, will own 24% of the new company. The remaining 33% will be held by public shareholders.

In a statement this afternoon, current T-Mobile CEO John Legere said the goal remains to develop a nationwide 5G network:

“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,” Legere said.

Legere will be stepping down as CEO of T-Mobile in the near future, and current T-Mobile COO Mike Sievert is slated to become the CEO of the New T-Mobile once the deal closes. Legere is expected to remain on the board of directors.

Earlier this month, the merger received the go-ahead from the judge presiding over a lawsuit from attorneys general from 13 states and the District of Columbia who were looking to block the merger.