WSJ: T-Mobile, MetroPCS agree on $1.5 billion deal

T-Mobile and MetroPCS have approved the combination of the two entities in what’s known as a reverse merger. According to sources familiar with the companies and their plans, MetroPCS will acquire T-Mobile USA but will be still be called T-Mobile and run by its current CEO, John Legere.

Once finalized, Deutsche Telekom will hold 74 percent of shares and MetroPCS will have the remaining 26 percent, receiving $1.5 billion along the way.  A formal announcement for the merge has not been made yet but we anticipate something shortly.  If/when the government gives the nod, the combined company will service around 42.5 million subscribers, still behind Verizon, AT&T, and Sprint.

Financial Times Deutschland