T-Mobile (NASDAQ:TMUS) has officially completed its merger with Sprint (NYSE:S) to create the New T-Mobile. The parent of the combined company is T-Mobile US, whose shares of common stock will continue to trade on the NASDAQ Global Select Market under the symbol "TMUS". The combined company will operate under the name T-Mobile. Sprint shares will no longer trade on the New York Stock Exchange.
The New T-Mobile is committed to building a nationwide 5G wireless network to serve urban areas and underserved rural communities alike. The combined company plans to invest $40 billion into its network, business and more over the next three years.
The company also announced that with close of the merger, it has successfully completed its long-planned Chief Executive Officer transition from John Legere to Mike Sievert ahead of schedule. Effective immediately, Sievert will assume the role of CEO of T-Mobile. Legere served as CEO of T-Mobile since 2012 and will continue as a member of the board of directors for the remainder of his current term, through the annual meeting of shareholders scheduled for June.
"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 Sievert. "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!"
T-Mobile's nationwide 5G network plans include the use of T-Mobile and Sprint's combined low-, mid- and high-spectrum bands. Within six years, the New T-Mobile intends to provide 5G to 99% of the U.S. population and average 5G speeds in excess of 100 Mbps to 90% of the U.S. population, as well as plans to cover 90% of rural Americans with average 5G speeds of 50 Mbps.
The company is also planning wireless in-home broadband service to provide high-capacity coverage in previously difficult to serve areas. T-Mobile hopes to deliver 100+ Mbps speeds for wireless broadband to 90% of the population and offer in-home service to millions of the country's households in the next six years.