What just happened? Dish Network confirmed in a recent regulatory filing with the US Securities and Exchange Commission that it intends to close on its purchase of Boost Mobile from T-Mobile on schedule. Financial terms of the deal were not mentioned although according to Bloomberg, Dish is expected to shell out around $1.4 billion for the pay-as-you-go wireless asset.
The deal should be finalized by July 1, 2020, the filing notes.
In order to gain regulatory approval for its merger with Sprint earlier this year, T-Mobile agreed to sell some of its wireless assets (Boost) to Dish Network and provide the company with access to its network for the next several years. Regulators were concerned that going from four major carriers down to three would reduce competition in the wireless industry so they set up a path in which Dish could become the new fourth carrier in the equation.
In essence, Dish was T-Mobile's knight in shining armor.
T-Mobile said earlier this year that it plans to wind down the Sprint brand this summer.
In related news, T-Mobile this week also announced that Braxton Carter would be retiring on July 1. Carter spent nearly 20 years of his career with T-Mobile, starting at MetroPCS before joining T-Mobile through acquisition. He has served as CFO since May 2013.
Carter will be replaced by Peter Osvaldik who joined the company in January 2016.
Longtime CEO John Legere also vacated his helm recently. Legere is largely credited with revolutionizing the wireless industry, pulling T-Mobile from fourth place to where it is today as a major competitor to AT&T and Verizon. The wireless landscape would look far different than it does without his influence over the past eight years.
Masthead credit: Zakhar Mar