While T-Mobile's combination with Sprint may seem long overdue after years of will-they-won't-they speculation, the happiness expressed by the companies two CEOs today is a far cry from their earlier Twitter hostility.
The merger will create more new jobs than T-Mobile and Sprint would separately, the two companies said in a press release, adding that the new company plans to invest $40 billion in its new network and business in the first three years - 46% more than both spent combined in the past three years.
Should regulators approve the deal, the companies expect it to close in the first half of 2019.
"As industry lines blur and we enter the 5G era, consumers and businesses need a company with the disruptive culture and capabilities to force positive change on their behalf", he said. It's unknown how exactly that will go down, but both companies are reasonably confident that it will go through. For T-Mobile, the financial benefits of a merger will help keep investors happy as its own impressive growth record naturally begins to slow some. The company's main headquarters will be in Bellevue, Washington, just outside of Seattle. AT&T has a market cap of around $214 billion, while Verizon has a market cap of around $213 billion, as of Sunday.More news: European Union urged to defend itself against USA trade measures
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Comcast, the cable giant that finished buying NBCUniversal in 2013, offers customers wireless service by reselling access to Verizon's network. The numbers were based on closing prices as of April 27.
That will mean using Sprint's 2.5 GHz spectrum and T-Mobile's 600 MHz spectrum, among other things.
For years, T-Mobile and Sprint had flirted with such a combination, only to abandon their plans because of political troubles or boardroom squabbles.
The companies expected to have a better shot at the merger under the Trump administration.
We'll still be called T-Mobile, we'll still be magenta, I'll still be your leader, and we'll continue to be customer obsessed! In 2011, AT&T dropped an attempted merger with T-Mobile after running into resistance from the Justice Department and the Federal Communications Commission. T-Mobile CEO John Legere sent an internal memo to T-Mo employees at the same time of the announcement to assure them that the deal is a good one, and now it's leaked out. When discussions first became public about the possibility of a merger in 2014, then President Obama's government had antitrust concerns over the deal which led to the first abandonment of talks of a tie up. That latter part is going to be its biggest challenge, because it will not only tie up the No. 3 and No. 4 carriers into the USA into a single unit, but also that global organizations hold significant stakes in both companies.