Guess who went public? T-Mobile completes MetroPCS deal

T-Mobile USA(s tmus) began trading on the New York Stock Exchange Wednesday under the ticker TMUS, as its deal of more than $1.5 billion to combine with MetroPCS has closed. The newly combined company opened at $16.25.

Based on 2012 results, the combined company would have $24.8 billion of revenue and $2.7 billion of free cash flow. As of March of this year it has approximately 43 million subscribers. The deal terms were complicated including a 1 for 2 reverse stock split by MetroPCS, a cash payment of $1.5 billion to its MetroPCS stockholders and the proposed NewCo made up of T-Mo and MetroPCS acquiring all of T-Mobile’s capital stock from Deutsche Telekom in exchange for approximately 74 percent of MetroPCS’ common stock.

While the deal was approved by shareholders and regulators, the combined company still is trying to fight it out in a highly competitive and saturated mobile market. As my colleague Kevin Fitchard wrote when the deal was announced, this is a deal about beefing up T-Mobile’s spectrum so it can keep fighting Verizon(s vz)(s vod) and AT&T(s t). Meanwhile Sprint(s s), the nation’s third-largest carrier is in a deal of its own trying to buy Clearwire(s clwr) with cash provided by new partial owner Softbank.

It’s like a soap opera where everyone’s fighting for the airwaves. However, those fights are in the future, and today we just have to watch the stock and ponder what this means for the customer. Luckily, Fitchard already explained how this deal affects customers, so read that while you watch the stock.