T-Mobile Absorbs Sprint After Two-Year Battle

T-Mobile closed its takeover of Sprint after a nearly two-year battle with federal and state authorities. The merger, worth about $31.8 billion based on T-Mobile’s closing stock price March 31, marks the end for Sprint as a company and a brand. The once-thriving network operator spent most of the past decade losing customers after a string of engineering and marketing missteps gave the upper hand to rivals, T-Mobile chief among them. The combination turns the US’ third and fourth-largest wireless carriers into a far more substantial third place competitor to Verizon and AT&T. The company also accelerated longtime Chief Executive John Legere’s handover of the top job to his deputy, Mike Sievert, effective immediately. The switch was previously scheduled to occur May 1. Many of T-Mobile’s current executives will remain in charge, though Sprint leaders including John Saw and Dow Draper will also hold key posts in the new business.