T-Mobile & MetroPCS complete merger bringing iPhone availability to 9 million new customers

http://www.youtube.com/watch?feature=player_embedded&v=T1AYqBdhfo4

Update: Talking to AllThingsD, T-Mobile CEO John Legere says an iPhone on MetroPCS is a possibility but “not imminent.”

“The answer to that is not ‘No,’” Legere said, but added, “It’s not imminent; I think that’s safe to say.” “It’s also something that involves Apple…. we’ve started those dialogues with our partners.”

We already knew that both company’s boards had approved the merger of T-mobile USA and MetroPCS, but today the No. 4 and No. 5 U.S. carriers have officially announced the merger is now complete. Starting today the two companies will become one and begin trading under the ticker “TMUS” on the New York Stock Exchange:

Under the terms of the business combination agreement, MetroPCS effected a 1 for 2 reverse stock split, made a cash payment of $1.5 billion to its stockholders (approximately $4.05 per share prior to the reverse stock split), and acquired all of T-Mobile’s capital stock from Deutsche Telekom in exchange for approximately 74% of MetroPCS’ common stock on a pro forma basis.

MetroPCS has never offered the iPhone to its 9 million customers, but today’s announcement means the carrier will begin migrating to T-Mobile’s network infrastructure and presumably eventually support the iPhone alongside T-Mobile for its customer base. The new combined company will be lead by T-Mobile CEO John Legere, but for now T-Mobile and MetroPCS will continue to operate as separate brands.