Combined T-Mobile-MetroPCS debuts on N.Y. Stock Exchange as ‘TMUS’
With the acquisition of MetroPCS, T-Mobile is picking up 9 million new customers, more wireless spectrum and a stock exchange ticker symbol.
The company, which has been renamed T-Mobile U.S., debuted Wednesday on the New York Stock Exchange, trading as “TMUS.” The stock opened at $16.38 and at mid-morning PDT was up slightly, at $16.50.
Prior to the acquisition, T-Mobile did not trade as a stand-alone entity and was part of Deutsche Telekom, which owns 74% of T-Mobile U.S. MetroPCS shareholders received 26% of the new company along with $1.5 billion in cash, or $4.08 per share.
All together, the new company has a total of 43 million customers, putting it in fourth place behind AT&T, Verizon and Sprint. The company is hoping its combined and improved network will allow it to compete more efficiently against the three top U.S. carriers.
“The combination of T-Mobile and MetroPCS creates an even stronger disruptive force in the U.S. wireless market,” said John Legere, T-Mobile US’ chief executive. “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.”
So far, 2013 has been a year of big change for T-Mobile. The company also announced earlier this year that it would no longer sell customers service contracts, and it began to sell the iPhone 5, after being the last major U.S. carrier not to sell the popular Apple smartphone.