T-Mobile and MetroPCS have finalized their merger deal, and began trading under a new ticker on Wednesday.
Executives from the new company rang the morning bell on the floor of the New York Stock Exchange to commemorate its new ticker symbol, “TMUS.”
“The combination of T-Mobile and MetroPCS creates an even stronger disruptive force in the U.S. wireless market,” said John Legere, president and chief executive officer of T-Mobile US, Inc. “Together, as America’s Un-carrier, we’ll continue our legacy of marketplace innovation by tearing up the old playbook and rewriting the rules of wireless to benefit consumers.”
The deal, which cleared its final hurdle last week when it got a nod from MetroPCS shareholders, creates a new wireless company with an eye on consumers who want cell service without having to sign on to a two-year plan — even if if means paying more for devices. T-Mobile’s new approach to smartphone plans, in which customers pay for the phone separately from a month-to-month data plans, may appeal to existing MetroPCS prepaid customers.
The merger also gives the new company more wireless spectrum and can help T-Mobile as its builds out its 4G LTE network to keep pace with Verizon and Sprint.
The combined company remains the nation’s fourth-largest wireless carrier, with approximately 43 million subscribers and will be available at 70,000 retailers.
T-Mobile and MetroPCS will maintain separate brands to go after different sections of the wireless market. The company now has to focus on integration. The two companies use different technologies to run their networks and will be transitioning existing Metro PCS customers onto the T-Mobile network as they upgrade their phones, to unify the network as quickly as possible.