Sprint and T-Mobile Merge in Multi-Billion Dollar DealPress Release
SAN ANGELO, TX – The two cell phone provider giants T-Mobile and Sprint have officially combined both companies.
According to KCBD, on April 1, the Department of Justice and the Federal Communications Commission approved a deal that would combine the two carriers.
The $31.6 billion deal will give T-Mobile full control of Sprint.
T-Mobile officials say that adding Sprint's spectrum, the airwaves that carry phone calls and data signals, will boost its network and make its service available to consumers at lower prices. It had promised regulators not to raise prices for three years.
As of Wednesday, Sprint shares were no longer trading. T-Mobile shares added 2.8% to $86.23 in midday trading.
T-Mobile also said Wednesday that its CEO, John Legere, is stepping down a month earlier than expected, handing the job off to COO Mike Sievert. He will remain a board member.
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