T-Mobile agreed Sunday to acquire rival Sprint for $26 billion, a move that both CEOs say will accelerate deployment of 5G technology, lower prices for consumers and create new jobs.
The combined company, which will be called T-Mobile, will be valued at $146 billion including debt. John Legere, current president and CEO of T-Mobile, will serve as chief executive of the new company. Sprint’s current CEO, Marcelo Claure, will serve on the board of the new venture.
Both companies will operate independently until the deal receives approval from regulators, which the companies say they anticipate will come during the first half of 2019. Legere frequently refers to competitors AT&T and Verizon as “the duopoly.” He argued Sunday that combining Sprint and T-Mobile will benefit consumers.