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First on CNBC: CNBC Transcript: T-Mobile US CEO John Legere and Sprint CEO Marcelo Claure Talk Merger on CNBC's “Squawk on the Street” Today

WHEN: Today, Monday, April 30, 2018

WHERE: CNBC'S "Squawk on the Street"

The following is the unofficial transcript of a first on CNBC interview with T-Mobile US CEO John Legere and Sprint CEO Marcelo Claure on CNBC's "Squawk on the Street" (M-F 9AM – 11AM) today, Monday, April 30th. Following is a link to video of the full interview on CNBC.com: https://www.cnbc.com/video/2018/04/30/t-mobile-and-sprint-ceos-on-mega-merger.html?play=1.

All references must be sourced to CNBC.

CARL QUINTANILLA: WELCOME BACK TO "SQUAWK ON THE STREET." I'M CARL QUINTANILLA HERE WITH CRAMER AT THE NYSE. FABER IS STILL WITH US FROM L.A. AT THE MILKEN INSTITUTE CONFERENCE. A LOT TO COME FROM DAVID TODAY. AND JOINING US ON SET FRESH FROM ANNOUNCING THAT MASSIVE LONG TALKED ABOUT MERGER THE CEO OF T-MOBILE JOHN LEGERE AND THE CEO OF SPRINT MARCELO CLAURE. GENTLEMEN, WELCOME.

JOHN LEGERE: THANK YOU.

QUINTANILLA: CONGRATULATIONS ON THIS.

LEGERE: THANK YOU.

QUINTANILLA: DID YOU SEE THIS HAPPENING?

LEGERE: WELL, I'LL LET MARCELO CHIME IN, BUT YEAH, WE'VE BEEN OBVIOUSLY THINKING ABOUT THIS FOR A LONG TIME. THERE'S BEEN GYRATIONS AS TO YOU KNOW WHETHER IT COULD GET THROUGH FROM A PRICE OR GOVERNMENT STANDPOINT. NIY ONE THING THAT WAS NEVER CONFUSED, ESPECIALLY WITH MARCELO AND I, IS THAT THESE TWO COMPANIES MADE SENSE TOGETHER AND THE 5G ASPECTS THAT ARE CRITICAL FOR THE COUNTRY AND CRITICAL FOR US WAS THE FLIPPING POINT AS TO THIS IS THE TIME AND IT MAKES GREAT SENSE.

JIM CRAMER: ALL RIGHT. I'M GONNA – MARCELO, IS MY BILL GOING TO GO UP? I MEAN, HOW COULD IT NOT? BECAUSE IN THE END, COMPETITION, FREE MARKET COMPETITION BRINGS DOWN PRICES.

LEGERE: ASK HIM WHO HIS PROVIDER IS BEFORE YOU TELL HIM ABOUT HIS BILL. HIS BILL IS GOING DOWN BECAUSE HE'S GOT THE DUMB AND DUMBER.

CRAMER: WHICH ONE? YOU NEVER TOLD ME WHICH WAS DUMBER.

LEGERE: AT&T HAS SOLIDLY MOVED INTO THE DUMBER ROLE. SOLIDLY, ALL IN. I MEAN, THAT EGG THEY LAID THE OTHER DAY. COME ON. GO AHEAD, MARCELO?

MARCELO CLAURE: LET ME ANSWER THAT, ALRIGHT. WE'VE BEEN CLEAR IN THIS MERGER. WHAT WOULD MAKE THE MERGER UNIQUE IS WE'RE SET TO BUILD THE WORLD'S MOST ADVANCED 5G NETWORK AND THE COMBINATION OF OUR COMPANIES ALLOW US TO DO THAT. AND WE MADE A COMMITMENT THAT FEW PEOPLE MAKE THAT WE'RE ACTUALLY GOING TO OFFER THE BEST PRODUCTS, BEST SERVICES AT THE LOWER PRICES. SO WE PLAN TO MAKE THE MARKET MORE COMPETITIVE. YOU'VE SEEN TWO DISRUPTIVE COMPANIES, T-MOBILE AND SPRINT. TOGETHER, YOU KNOW, IF YOU THINK WE'RE DISRUPTIVE, TOGETHER WE CAN TURBO CHARGE THAT.

CRAMER: ALRIGHT CAN YOU JUST MAKE THE PROMISE RIGHT NOW? YOU'LL HAVE AN AVERAGE BILL. CAN YOU JUST TELL ME RIGHT NOW? PROMISE US THAT OUR BILL WILL GO DOWN 20%.

CLAURE: I WOULDN'T SAY 20% --

CRAMER: 25?

CLAURE: -- BUT I WILL PROMISE YOU THAT WE ARE ALWAYS GONNA HAVE THE LOWER PRICES.

LEGERE: WHY DON'T YOU CONSULT THE NEW CEO OF THE COMPANY?

CRAMER: LET'S HAVE A PROMISE, RIGHT HERE. IT WOULD JUST BE SO GOOD. I'VE GOT THIS GUY, AJID, RIGHT NOW HE'S TWEETING ABOUT THE JAZZ FEST IN NEW ORLEANS. COULD YOU JUST TELL HIM, RIGHT NOW, COULD YOU PLEASE TELL US "25% DECLINE"?

LEGERE: I WON'T SAY 25% BUT I'LL SAY SERVICES ARE GONNA BE BROADENED AND PRICES ARE GONNA GO DOWN. SPEEDS ARE GONNA GO UP. THE 5G CAPABILITY IS GONNA BEYOND ANYTHING THAT THE UNITED STATES HAS EVER SEEN BEFORE. JOBS ARE GONNA GO UP FROM DAY ONE. BOTH COMPANIES WILL HAVE MORE PEOPLE THAN THEY DID THE DAY THEY WERE SEPARATE. AND VERY IMPORTANTLY, JIM, THE UNCARRIER, WHICH IS A FABRIC THAT SPRINT GAINED, AS WELL, IT'S THE COMPETITION OF THE UNITED STATES. THIS IS GOING TO SUPER CHARGE THAT. AND WHAT YOU'RE GET WITH THE NETWORK IS HIGHER SPEEDS, LOWER PRICES, AND I GOT NEWS FOR YOU: DUMB, DUMBER, WI-FI, AND SON OF WI-FI PIPE, YOU KNOW, OUR OTHER BIG COMPETITORS, THIS IS BAD NEWS FOR THEM. HERE IS SOMETHING I WANT TO TELL YOU, JIM. WE'VE GOT TWO PIECES I THINK IS IMPORTANT. ONE IS TODAY WE WANT TO TALK A LITTLE BIT TO SHAREHOLDERS, BECAUSE THIS DEAL IS INCREDIBLE. OKAY. SO WHAT YOU GOT IS COMPANY AND WHEN IT COMES TOGETHER. PRO FORMA REVENUE THIS YEAR IS $75 BILLION. SERVICE REVENUE IS $55 TO $57 BILLION. $22 - $23 BILLION YEAR ONE OF ADJUSTED EBITDA. 40 TO 42% EBITDA MARGINS GROWING TO 55 TO 57. HOW ABOUT THIS, THE COMPANY WILL HAVE 2.9 TIMES NET DEBT LEVERAGE BUT IT WILL BE ABLE TO GO DOWN TWO TURNS BY THREE TO FOUR YEARS, AND THE REASON IS THE CASH FLOW IS GONNA GO FROM $1 TO $2 TO, IN 2022, IT'S GONNA BE $10 - $11 BILLION. IN 2025, THIS COMPANY IS GONNA GENERATE $16 - $18 BILLION DOLLARS OF FREE CASH FLOW. SYNERGIES, $43 BILLION. $6 BILLION RUN RATE. AND OF THAT, 93% ARE OPEX, 7% ARE CAP X. AND SO $26 BILLION ARE NETWORK SYNERGIES. SO THOSE ARE HARD SYNERGIES AND WE KNOW HOW TO DO THOSE.

QUINTANILLA: DAVID, I'LL GIVE YOU A CHANCE TO JOIN US AND JUMP IN HERE.

LEGERE: WHERE IS HE?

QUINTANILLA: HE'S – YOU'LL HEAR HIM.

DAVID FABER: YEAH, THANKS GUYS. MY APOLOGIES FOR NOT -- I'M IN YOUR EAR. MY APOLOGIES FOR NOT BEING THERE IN PERSON.

LEGERE: DAVID, WE'VE BEEN WAITING TO DO THIS DEAL FOR SO LONG DO THE DEAL FOR SO LONG, AND THE DAY WE DO IT YOU GO TO OFF TO HOLLYWOOD WITH THE STARLETTES. I MEAN WHAT'S GOING ON HERE?

FABER: I KNOW. I KNOW, IT'S – TIMING IS EVERYTHING IN LIFE, JOHN, AND MINE HAS NEVER BEEN PARTICULARLY GOOD. BUT YOURS YOU'RE HOPING IS GOOD THIS TIME IN TERMS OF TIMING. AND YOU MAKE A COMPELLING CASE CERTAINLY FROM THE BUSINESS PERSPECTIVE. THAT $6 BILLION NUMBER, I MEAN, YOU KNOW HOW LONG I'VE BEEN COVERING DEALS. THERE'S NOT MANY NUMBERS I CAN REMEMBER BEING THAT LARGE IN TERMS OF REAL SYNERGIES. IT'S A HUGE NUMBER. BUT BACK TO ANTI-TRUST FOR A MOMENT. TO THOSE WHO SAY, "I GET ALL THE ARGUMENTS YOU'RE MAKING, BUT WHY CHANGE WHAT IS CLEARLY WORKING?" AND I'M QUOTING PAUL GALLANT OF COWEN THIS MORNING. WHY CHANGE WHAT'S CLEARLY WORKING? YOU HAVE SINGLEHANDLEDLY, AS SOME WOULD SAY, HELPED DRIVE DOWN PRICES. YOU'VE FORCED VERIZON AND AT&T TO GO TO UNLIMITED. IT'S BEEN WORKING. WHY SCREW WITH IT?

LEGERE: OKAY. AND, YOU KNOW WHAT, DAVID, THIS IS THE GAME THAT WE PUT OUR HELMETS ON TO PLAY TODAY. AFTER WE COME HERE, MEET WITH YOU GUYS, A COUPLE OF OTHER STOPS THAT ARE NOT AS RELEVANT AS CNBC AND ALL ROADS LEADS TO WASHINGTON. EVERYBODY'S GOT AN IDEA AS TO THE PRECONCEIVED NOTION OF THIS DEAL. HERE'S WHAT I SAY. I'LL START YOURS, FIRST. TAKE THAT COMPETITION AND SUPERCHARGE IT. YOU KNOW, PUT IT ON FASTER SPEEDS, BIGGER SCALE BRING LOWER PRICES, TAKE THAT – MY COMMITMENT, MARCELO'S COMMITMENT IS THAT IF YOU LIKE THE COMPETITION BEFORE, YOU'RE GONNA LOVE WHAT IS COMING WITH THIS ONE. SECONDLY, 5G IS COMING. AND BY THE WAY WITH THE HYPE THAT THE UNITED STATES HAS HAD AROUND AT&T AND VERIZON'S MILLIMETER WAVE, WE ARE BEHIND. IT'S THE EARLY INNOVATION CYCLE OF 5G. WE ARE BEHIND CHINA. THIS IS NOT – THIS IS NOT SOMETHING WE CAN ALLOW. THIS WILL BE THE FIRST COMPANY, BECAUSE OF OUR AVAILABLE SPECTRUM, 600 MEGAHERTZ, 2.5 – TO BUILD THE NATIONWIDE BROAD COVERAGE 5G SERVICE. AND GUESS WHAT? CTIA SAYS THAT THE LEADERSHIP IN 5G CAN BRING 3 MILLION JOBS, 275 BILLION OF INVESTMENT, AND $500 BILLION OF ECONOMIC VALUE. BUT WE'RE BEHIND AND, BY THE WAY, WHAT WE ALSO HOPE TO DO IS GET DUMB AND DUMBER AND GET COMCAST AND OTHERS TO STEP UP THEIR INVESTMENT AND WE EXPECT THAT THEY'LL INVEST IN EXTRA $20 BILLION AND WE'RE GOING TO INVEST $40 BILLION IN THE FIRST THREE YEARS. THAT'S A STORY THAT WASHINGTON WANTS TO HEAR. IT'S NOT ABOUT FOUR TO THREE, IT'S ABOUT ZERO TO ONE. IT'S SUPERCHARGING THE UNCARRIER. IT'S ABOUT JOBS. THIS DEAL WILL GET APPROVED BECAUSE IT'S GREAT FOR THE UNITED STATES.

CRAMER: WHAT DO WE DO ABOUT THE IDEA? THINKING ABOUT PRESIDENT TRUMP, A LOT OF COMMENTARY, I DON'T AGREE WITH IT, IS ABOUT BAILING OUT A VERY RICH – A BILLIONAIRE JOB FOR THESE MEN. AND, ALSO, BILLION DOLLAR, MUCH MORE NET, GERMAN COMPANY. SO WE HAVE A GERMAN COMPANY THAT DOES VERY WELL. JOHN, YOU ACTUALLY STILL WORK FOR A COMPANY AS A SHAREHOLDER – I KNOW, YOU SURE DON'T SEEM IT. BUT YOU ARE. AND HOW ABOUT THIS SOFTBANK? MARCELO, ISN'T PRESIDENT TRUMP GOING TO SAY, "WE'RE NOT GOING TO BILL OUT THE JAPANESE. ARE YOU KIDDING ME?"

CLAURE: THIS IS NOT ABOUT BAILING OUT. I MEAN, BOTH SOFTBANK AND DEUTSCHE HAVE HAD A REALLY GOOD RELATIONSHIP WITH THE U.S. GOVERNMENT, WE'RE -- FOR A VERY LONG TIME. WE'RE WELL KNOWN ENTITIES. BUT I THINK MOST IMPORTANT THIS IS AN AMBITION THAT STARTED IN 2012. IF YOU'VE BEEN COVERING THIS FOR AWHILE AND IT WAS MASA'S AMBITION TO COMBINE THESE COMPANIES IN BACK IN 2012. WE WAITED FOR THE RIGHT TIME AND THE TIME IS RIGHT, AND THE TIME IS RIGHT NOW. AND THE MAIN REASON FOR IT IS THE U.S. NEEDS TO WILL LEAD ON 5G, AND THE ONLY WAY YOU'RE GOING TO BE ABLE TO BUILD 5G IS BY COMBINING SPRINT AND T-MOBILE. AT&T CANNOT DO IT. VERIZON CANNOT DO IT. THE WAY WE'RE GOING BUILD THIS 5G NETWORK. AND WHAT 5G IS GOING TO DO IS THE AMOUNT OF ECONOMIC DEVELOPMENT THAT 5G WILL BRING TO THE U.S., YOU'RE TALKING ABOUT $500 BILLION ADDITION TO THE GDP, YOU'RE TALKING ABOUT THE CREATION OF 3 MILLION JOBS. TELL ME WHAT ELSE DO YOU SEE TODAY THAT HAS THE ABILITY TO CREATE 3 MILLION JOBS? THERE'S NOTHING ELSE. SO THEREFORE WE THINK THIS IS GOOD FOR AMERICA. WE THINK THIS IS GOOD FOR CONSUMERS. WE MADE IT CLEAR WE'RE GOING TO LOWER PRICES. BEST PRODUCT. BEST PRICES. AND HOW MANY MERGERS DO YOU KNOW THAT WERE MAKING COMMITMENTS THAT WE'RE GONNA ADD TENS OF THOUSANDS OF JOBS IN THE FIRST THREE YEARS. THIS IS A GROWTH STORY IN WHICH THE SYNERGIES – THE SYNERGIES OF THIS DEAL ARE MORE VALUABLE THAN EACH COMPANY ON A STAND ALONE BASIS. SO THINK THIS IS AN AMAZING DEAL FOR EVERYBODY AROUND.

LEGERE: JIM, I WANT TO BE CLEAR. I WORK FOR "SQUAWK ON THE STREET." YOU KNOW, NONE OF THIS DEUTSCHE TELECOM. I WORK – I WORK HERE.

CRAMER: I HAD FORGOTTEN THAT. I MEAN, A LOT OF TIMES I THINK ABOUT MAYBE YOU WORK FOR TMOBILE BUT MAYBE I'M BEING DUMBEST.

LEGERE: HERE'S ANOTHER EYE OPENER. PRESIDENT TRUMP DOES HAVE SOME IMPACT ON THIS DEAL BECAUSE TAX REFORM HAS SIGNIFICANTLY INCREASED THE VALUE OF THIS DEAL. TAX REFORM HAS ALSO GIVEN US THE ENGINE THAT WE'RE GONNA BE ABLE TO USE WHILE WE'RE INVESTING TO HYPERCHARGE THIS. AND I WOULD SAY IF YOU THINK ABOUT AGENDAS IN WASHINGTON, LEADERSHIP WITH CHINA IS RISKING TAKING THE U.S. POSITION IN SUCH A CRITICAL AREA. I THINK WE'RE GOAL ALIGNED FROM A POLITICAL AGENDA.

CRAMER: DAVID?

LEGERE: DAVID'S AT A COFFEE BREAK.

FABER: MARCELO – NO, I'M HERE. I'M LISTENING TO EVERY WORD. MARCELO, LET ME COME TO YOU, FOR A SECOND. YOU KNOW THIS IS GOING TO BE A LONG REGULATORY REVIEW, I THINK YOU GUYS ARE TARGETING JUNE OF 2019 AS POTENTIALLY GETTING TO A CLOSE. WHAT HAPPENS BETWEEN NOW AND THEN? WE DETAIL THE COMPETITION BETWEEN THE TWO OF YOU, THE TRASH TALKING THAT'S GONE ON. HOW DO YOU OPERATE AGAINST THE COMPETITOR WHILE YOU'RE UNDER THIS KIND OF REGULATORY REVIEW? AND DO YOU KEEP UP THE SAME LEVEL OF SPENDING, FOR EXAMPLE? YOU SPEND HUNDREDS OF MILLIONS OF DOLLARS ON TV ADS. DO YOU KEEP THAT UP, OR DO YOU BACK OFF DURING THIS REGULATORY REVIEW? OBVIOUSLY IN THE HOPE AND EXPECTATION THAT YOU'RE GOING TO BE ONE COMPANY.

CLAURE: NO, WE DON'T BACK OFF. AS A MATTER OF FACT, EVEN THOUGH WE'RE FRIENDS RIGHT NOW, EVEN TOMORROW WE GO BACK TO COMPETITION. WE'RE GONNA CONTINUE TO ATTRACT AT&T, T-MOBILE, AND VERIZON CUSTOMERS INTO THE SPRINT NETWORK. WE'RE GOING TO INVEST. THIS IS GONNA BE THE LARGEST INVESTMENT IN SPRINT IN TERMS OF CONTINUING TO BUILDS OUR 5G NETWORK. SO WE'RE COMPETITORS AND WE'RE GONNA CONTINUE TO RUN THE COMPANY THE SAME WAY THE LAST FOUR YEARS. AND WE'RE CONTINUE TO COMPETE AND WE'RE GONNA CONTINUE TO WIN. AND I THINK BOTH COMPANIES ARE DISRUPTERS. AND, YOU KNOW, WE'LL CONTINUE TO RUN THE COMPANY THE SAME WAY WE'VE BEEN DOING THE LAST FOUR YEARS.

LEGERE: BUT ONE THING IS CLEAR, DAVID. YOU ASKED BEFORE IF THERE WOULD EVER BE AN OPPORTUNITY FOR MARCELO AND I TO HAVE THANKSGIVING DINNER TOGETHER. AND THIS YEAR WE WILL. AND I WILL THROW POTATOES ON HIM AS I PROMISED. SO THAT'S –

QUINTANILLA: ON THAT POINT, I WANT TO TALK ABOUT THE RELATIONSHIP YOU TWO HAVE HAD. THIS IS A SOUNDBITE OF JOHN FROM AUGUST 18th. TAKE A LISTEN.

LEGERE: MARCELO NEEDS TO WAKE UP AND REALIZE THAT THE MOTHER OF ALL CUSTOMER LOADS IS SITTING IN VERIZON AND AT&T. 77% OF MY CUSTOMER ADS COME FROM THOSE, TOO. AND I THINK HE SHOULD FOCUS ON FIXING HIS COMPANY AND, YOU KNOW, JUST COPY, PASTE EVERYTHING I DO AND YOU'LL BE FINE.

QUINTANILLA: SO, HOW MUCH OF THAT WAS PERFORMANCE? AND HOW MUCH OF THAT SUGGESTS THAT CULTURE MATCHES HERE?

LEGERE: I SAID IT TO HIM ON THE WAY IN. HEY LISTEN – WE HAVE HAD, AND WE WILL AS MARCELO SAID, A VERY COMPETITIVE SPIRIT. WE – IT'S JUST WHO WE ARE. OUR COMPANIES ARE THAT, HE AND I BOTH ARE THAT, BUT I WILL TELL YOU, WORST KEPT SECRET, UNFORTUNATELY, IS I LIKE THE GUY. WE – I ACTUALLY FOUND OUT, AS I SAID, IF I WAS TALL, YOUNG, HAD A BILLION DOLLARS, AND OWNED A FOOTBALL TEAM, WE'D ACTUALLY BE THE SAME PERSON. BUT OUTSIDE OF THOSE THINGS, YOU KNOW.

CRAMER: ALL RIGHT. ALL RIGHT. WHEN I LOOK AT THIS – I ADD THIS WHEN I LOOK AT THIS, I REALIZE THAT YOU DO CHECK OFF A LOT OF BOXES. I MEAN, IT'S VERY CLEAR THAT WHAT YOU WANT TO DO IS SAY, "THERE'S NO DOUBT ABOUT IT, WE'RE GOING TO SPEND MORE ON 5 G. WE'RE GOING TO BE ABLE TO DO MORE RURAL." A LOT OF RURAL PEOPLE ARE THINKING. YOU DON'T HAVE TO WORRY ABOUT THAT ABOUT ANY ANTI-TRUST. JUST COMCAST ADDS MORE PEOPLE THAN AT&T, VERIZON. I WANT TO KNOW WHERE DOES THIS MONEY GET SPENT? I MEAN THE TOWER COMPANIES ARE SAYING WHOA. YOU KNOW, ANYBODY IN ADVERTISING, WOAH. WHERE DO WE TAKE – WHERE ARE THESE PEOPLE GONNA BE EMPLOYED? WHAT ARE THEY GONNA BE DOING? TELEPHONE LINEMAN? I WANT TO KNOW WHERE THESE JOBS ARE GONNA BE CREATED.

LEGERE: SEVERAL THINGS, JIM. THE MAJORITY OF THE $40 BILLION WE'LL INVEST IN THE FIRST THREE YEARS IS TAKE 110,000 MACRO SITES IN THIS NETWORK, RIGHT SIZE THEM TO 85,000 WHILE INCREASING 10. HANG THE 2.5 NETWORK FROM A SPRINT ON OUR TOWERS AND OURS ON THEIRS AND HAVE AN INTEGRATED NETWORK. SO A LOT OF SPENDING. RURAL AMERICA JOBS. RURAL AMERICA STORES. U.S. CALL CENTERS EXPANSION TO CREATE THE CAPABILITY. SO THERE'S A FULL PLETHORA OF PLACES WHERE WE'RE GONNA SPEND THIS MONEY. AND SO I CONTINUE TO BELIEVE IT'S GOING TO CAUSE THE REST OF THE PLAYERS TO SPEND MORE, TOO WHICH IS GOING TO BE GOOD FOR AMERICA. AND WE LOOK FORWARD TO TELLING THIS STORY EVERY MINUTE ALL DAY.

FABER: JOHN, IT'S DAVID AGAIN. YOU KNOW, I WOULD ASSUME IF VERIZON IS LISTENING TO THE TALK YOU'VE HAD OVER THE LAST 24 HOURS IN TERMS OF THEIR INABILITY TO DELIVER 5G, THEY'RE KIND OF WONDERING WHAT YOU'RE TALKING ABOUT. YOU KNOW. THEY HAVE TESTS IN A LOT OF MARKETS.

LEGERE: PERFECT.

FABER: YOU CAN GO UP TO BOSTON AND CHECK IT OUT. THEY'RE SPENDING BILLIONS AND BILLIONS OF DOLLARS AND THEY'RE TALKING ABOUT THIS BEING COMMERCIALLY AVAILABLE IN THE NOT TOO DISTANT FUTURE. WHAT AM I MISSING HERE, HEARING FROM THEM AND WHAT YOU GUYS SEEM TO BE SAYING?

LEGERE: DAVID, YOU KNOW – THIS IS – I'M SO HAPPY THAT YOU READ THE QUESTION THAT I E-MAILED YOU. I'M JUST KIDDING. LISTEN, HERE IS THE DEAL, YA READY? I'M ONLY GOING TO GIVE YOU ONE STATIOD. SO WHAT THEY'RE GOING IS THEY'RE BUILDING MILLIMETER WAVE. VERY HIGH BAND SPECTRUM IN SMALL GEOGRAPHIC AREAS TO DO FIXED BROADBAND REPLACEMENT. OKAY, READY, GET YOUR PENCILS OUT. IF YOU USE MILLIMETER WAVE STRATEGY TO BUILD NATIONWIDE NETWORK, YOU NEED 1 SITE PER THOUSAND SQUARE YARDS WHICH MEAN YOU NEED 6 MILLION SITES AT 250,000 PER SITE, 1.5 TRILLION. AIN'T GOING TO HAPPEN. OKAY? THE ONLY OTHER ALTERNATIVE, THEY DON'T HAVE ACCESS SPECTRUM BECAUSE THEY'RE OUT, THEY WOULD NEED TO KICK THEIR CUSTOMERS OFF OF LTE, REFARM, AND GO TO 5G. IF IT WASN'T TV AND I WOULD SAY A WORD THEY ARE. AND THEY ARE EFFED. THEY'RE HOSED. THEY'VE GOT TO DO AN ABOVE FACE. THEY HAVE TO STOP LYING. THEY CAN'T DO SMALL MILLIMETER WAVE BROADBAND REPLACEMENT. AND THE BEST WAY FOR THEM TO LEARN THAT IS WATCH SOMEBODY ELSE HELP THE UNITED STATES GAIN LEADERSHIP POSITION. AND THEN COME BACK AND IN AND SPEND THE MONEY THEY'RE WITHERING AWAY SOMEWHERE ELSE.

CRAMER: OKAY, I'M STRUGGLING HERE. I'M STRUGGLING BECAUSE I GOT A SPRINT -- EVERY SINGLE CORNER I GOT A SPRINT STORE AND I'VE GOT A T-MOBILE STORE. MARCELO, COME ON. YOUR STORES WILL CLOSE. THOSE PEOPLE WILL GET THROWN OUT OF THEIR JOBS. WHAT ARE WE GONNA DO WITH THEM? DO YOU HAVE IDEAS? MAYBE WE HAVE A JOBS PROGRAM TODAY.

CLAURE: ABSOLUTELY. WHAT WE'RE PLANNING TO DO IS WE'RE GONNA CHOOSE WHERE THE BEST STORES ARE AND THEN THE GROWTH EXPANSION OF THE STORES. DON'T FORGET THAT WE OPERATE IN CERTAIN PARTS OF THE COUNTRY. THE EXPANSION IS GOING TO BE NATIONWIDE. WE PLAN TO COVER THE SAME TERRITORY THAT VERIZON AND AT&T DO WITH THE 5G NETWORK, SO WE PLAN TO OPEN HUNDREDS AND HUNDREDS OF NEW STORES. SO THERE IS GOING TO REBALANCING BUT THE WHOLE IDEA IS WE HAVE SO MUCH TO CHOOSE FROM. BUT FOR EVERY STORE WE CLOSE IN AN URBAN AREA, WE PLAN TO OPEN THE SAME IN SUBURBAN AREAS.

CRAMER: OKAY, SO OTHER THAN THE TOWERS, WHERE IS THE SYNERGY? I MEAN, HOW DO YOU SAVE MONEY SO THEREFORE OUR BILLS GO DOWN? BECAUSE, YOU KNOW, THAT'S STILL A BIG FACTOR. YA SEE, PEOPLE DON'T WANT THEIR BILLS TO GO UP. THAT'S KIND OF WHAT I GET.

LEGERE: FIRST OF ALL, JIM, YOUR BILL COULDN'T GO HIGHER. I MEAN, YOU'RE PAYING SO MUCH. IT'S INCREDIBLE. I CAN TAKE –

CRAMER: I HAVE A FAMILY PLAN.

LEGERE: OH YEAH, WELL, COME ON. HELP THOSE POOR PEOPLE. HELP THE MILITARY. HELP THE VETS. COME OVER TO T-MOBILE. LISTEN JIM, 26 MILLION OF THE 43 BILLION IS FROM NETWORK: SITE DECOMMISSIONING AND SITE AVOIDANCE, OK? THEN YOU'VE GOT 11 BILLION OF THAT, THAT IS SALES RATIONALIZATION, IT'S BACK OFFICE RATIONALIZATION. YOU'VE GOT 6 BILLION THAT IS I.T. AND SPENDING, ET CETERA. NOW, ONE OF THE THINGS THAT WE DID, WE ANNOUNCED THAT THE NEW COMPANY IS GONNA BE CALLED T-MOBILE. BUT WHAT WE DIDN'T SAY YET, WE OWN THE BRANDS SPRINT, T-MOBILE, BOOST, METRO, VIRGIN. OKAY, WE HAVEN'T MADE DECISIONS YET. THAT'S AN AMAZING BRAND PORTFOLIO. ARE YOU READY FOR THIS? WE HAVE 127 MILLION CUSTOMERS. 70 MILLION POSTPAID BRANDED CUSTOMERS AND 30 MILLION PREPAID. AND BY THE WAY, THAT'S 100 MILLION BRANDED CUSTOMERS. AT&T HAS 93 MILLION. WELCOME TO THE BACK OF THE BUS, AT&T. SO THERE'S A LOT TO DO AND AS YOU KNOW, ANY TIME YOU HAVE A JOB CREATION, SOME GO UP. SOME GO DOWN. THERE'S A RATIONALZATION. BUT THE NET IS AN INCREASE IN OPPORTUNITY.

QUINTANILLA: HERE'S A STATEMENT FROM VERIZON: "WE REMAIN FOCUSSED ON PROVIDING CUSTOMERS WITH THE MOST RELIABLE 4G NETWORK. NOT JUST A PROPOSAL THAT MAY OR MAY NOT HAPPEN IN THE NEXT COUPLE OF YEARS." THEY'RE GOING TO PLAY UP THE UNCERTAINTY REGARDING THIS, RIGHT? IS THAT NOT AN INHIBITER TO CUSTOMERS?

LEGERE: YEAH. WELL, THEY NEED SPECTRUM. THEY NEED TO BUY DISH. THEY'RE SALIVATING THAT THEY WOULD HAVE DONE THIS. HOW ABOUT THIS? DID YOU SEE THEIR RESULTS THE OTHER DAY? I MEAN, ALL I KNOW IS THEY LOST CUSTOMERS, SERVICE REVENUE IS DECLINING, THEY'RE PRAYING FOR THIS 5G WAY TO MAINTAIN NETWORK LEADERSHIP, AND CARL IT'S JUST NOT. IT'S LIKE A MILLIMETER WAVE BROADBAND REPLACING THE APPLICATION THAT YOU CAN USE THAT FOR IS INSTEAD OF SITTING ON YOUR COUCH AND WATCHING NETFLIX WITH YOUR COMCAST CONNECTION YOU CAN SIT ON YOUR COUCH AND WATCH NETFLIX WITH YOUR VERIZON MILIMETER WAVE. HERE'S THE DEAL. 5G WILL BRING A HUNDRED TIMES MORE CAPACITY. A HUNDRED TIMES FASTER SPEEDS. TEN TIMES THE LATENCY. THIS IS WHERE YOU GET SUBMILLIMETER LATENCY IN AUTONOMOUS CARS IN MOBILE VR AND MOBILE AR. HOW IS THAT GOING TO WORK IN ONE PIPE IN ONE GEOGRAPHIC AREA? YOU NEED NATIONWIDE 5G AND WE'RE GONNA BRING THAT TO AMERICA.

CRAMER: WHERE ARE WE GETTING ALL THIS – I'D LIKE TO KNOW BECAUSE, WE HAVE A LOT OF VIEWERS— WHO ARE GETTING THE ORDERS? WHAT KIND OF BUSINESS IS THIS? WHAT KIND OF TELECO AMERICAN TECHNOLOGY COMPANIES ARE GONNA DO WELL FOR THIS? BECAUSE I HAVE TO BELIEVE THAT IF YOU'RE GOING TO DO 5G, IF YOU'RE GONNA SPEND LIKE THAT, THERE ARE FIVE COMPANIES THAT ARE GONNA DO A HECK OF A LOT BETTER NEXT YEAR THAN THEY ARE NOW, SO HOW ABOUT THE NAMES?

LEGERE: WELL, FIRST OF ALL, I'M GONNA GIVE YOU ONE OTHER THING TO THINK ABOUT: 4G. LISTEN, JIM. IN 4G, WITH THE U.S. LEADERSHIP, THAT'S WHAT CREATED UBER. THAT'S WHAT CREATED SNAPCHAT, THAT'S WHAT CREATED AIRBNB. THAT'S WHAT ACCELERATED AMAZON AND FACEBOOK AND GOOGLE. SO WITH 5G INNOVATION, A WHOLE NEW GROUP OF ENTREPRENEURS ARE LOOKING AT WHAT TO DO WITH THE APPLICATIONS, WHERE TO PUT THAT NETWORK. THAT'S A BIG PIECE. OBVIOUSLY, FROM A TRADITIONAL TELECO STANDPOINT, THERE WILL BE TREMENDOUS AMOUNTS OF EQUIPMENT. WE'RE RATIONALIZING THE ONES WE USE. BUT THE BIG WINNERS, THE BIG INNOVATION CYCLES ARE THE PEOPLE THAT ARE CREATING 5G APPLICATIONS, IOT USES, SMART CITIES, SMART AGRICULTURE, THAT NEED THIS NETWORK ISN'T HERE YET. SO THAT'S A BIG ONE.

QUINTANILLA: DAVID.

FABER: JOHN, AND I KNOW WE'RE GONNA GET THE OPENING BELL IN A MINUTE. YOU KNOW, YOU'VE SPENT YOUR CAREER DERIVING MANY OF YOUR COMPETITORS AND YET I HEAR YOU TALKING ABOUT THE POTENTIAL COMPETITIVE THREAT FROM CABLE COMPANIES NAMELY OUR OWN COMCAST, OUR PARENT, CHARTER, AND THEIR MDNOS. ARE THEY REALLY A POTENTIAL THREAT TO YOU GUYS IN TERMS OF PROVIDING WIRELESS NETWORKS?

LEGERE: OH, THANK YOU.

QUINTANILLA: THAT'S ALL FOR YOU, JOHN.

LEGERE: DAVID.

QUINTANILLA: BEFORE YOU ANSWER IT, LET'S GET TO THE OPENING BELL AND THE S&P AT THE BOTTOM OF YOUR SCREEN. A BIG ONE TODAY, IT IS PRINCIPAL, GLOBAL INVESTORS CELEBRATING THE LAUNCH OF ITS INVESTMENT GREAT CORPORATE ACTIVE ETFS. AT THE NASDAQ IT'S NEW YORK LIFE INVESTMENT MANAGEMENT, A SUBSIDIARY OF NEW YORK LIFE INSURANCE COMPANY. JOHN, I'LL LET YOU CONTINUE.

LEGERE: OKAY. JIM, HERE IS THE STORY. IN Q1 COMCAST ADDED MORE POSTPAID PHONE CUSTOMERS THAN AT&T AND VERIZON COMBINED. LAVS YEAR THEY ADDED MORE THAN AT&T AND VERIZON COMBINED. AND ANALYSTS ACTUALLY BELIEVE THAT COMCAST AND CHARTER COULD ADD 5 MILLION CUSTOMERS IN THE NEXT TWO YEARS. AND THE NPV OF THE VALUE OF THEIR WIRELESS BUSINESS IS 20 BILLION, OK? WHETHER OR NOT YOU BELIEVE IT, AT&T IS THE LARGEST CABLE PROVIDER IN THE UNITED STATES. RIGHT. SO THERE IS AN ADJACENT INDUSTRY GAME THAT'S GOING ON. IT'S NOT JUST WIRELESS. IT'S NOT JUST CABLE. WE WANT TO PLAY IN THOSE SPACES. AND, YES, COMCAST IT A VIABLE PLAYER IN THIS MARKET. AND THEY'RE RAMPING UP. CHARTER IS COMING IN. THEY'RE INVESTING TOGETHER.

CRAMER: CHARTER. SEE THAT QUARTER?

LEGERE: CHARTER IS COMING IN. SON OF WIFI PIPE. HEY, I SAW THEIR QUARTER. I SAW VERIZON'S. I SAW COMCAST. WE'RE GOING TO ANNOUNCE OURS THIS WEEK. YEAH, I DON'T KNOW MAYBE OURS WILL BE BETTER. JUST SAYING.

CRAMER: I'M LISTENING. I'M LISTENING. AND ONE OF THE THINGS I LOVED ABOUT YOU, YOU ARE THE GREATEST SALESPERSON IN THE WORLD. AND THE SECOND THING IS, YOU ALWAYS IGNORE THE LAWYERS. BUT, YOU KNOW, IN THE END, YOU'RE NOT GOING TO BE GIVEN THE BRIEF. I DO NOT SEE YOU, PARTICULARLY IN THAT OUTFIT IN FRONT OF ANY COURT SAYING, "LISTEN, CHIEF." LIKE, YOU KNOW, "HEY, BUD." AND YOU CAN'T DO THAT TO THEM. AND YOU CAN'T TRASH TALK THE COURTS.

LEGERE: ABSOLUTELY. AND I WOULD NEVER TRASH TALK. IT'S CALLED TELLING THE TRUTH.

CRAMER: OKAY, OH.

LEGERE: I WILL TELL YOU THAT THIS MAGENTA TEE SHIRT AND THESE SNEAKERS ARE GONNA BE IN THE WHITE HOUSE, THEY'RE GONNA BE IN THE DOJ, THE'RE GONNA BE IN THE FCC IN THE NEXT FEW DAYS. I'M GONNA ANSWER EVERY SINGLE QUESTION ABOUT WHAT THEY WANT TO TALK ABOUT BECAUSE I HAVE THE RIGHT STORY ON OUR SIDE. WE'RE GOING TO DRIVE 5G THAT THIS COUNTRY NEEDS WE'RE GONNAL SAVE IT FROM BEHIND CHINA AND OTHERS THAT COULD BE A SECURITY THREAT. SUPER CHARGE THE UNCARRIER. BROADEN THE RURAL AMERICA OPPORTUNITIES, BROADBAND OPPORTUNITIES, LOWER PRICES WITHIN AND MORE JOBS. TALK ABOUT IT ANY WAY YOU WANT. SHAREHOLDERS ARE GONNA BRING HUGE VALUE. THIS DEAL WILL BE APPROVED. IT'S GOING TO TAKE SOME TIME. BUT I'M GONNA BE IN THERE ANY MY LANGUAGE AND MY CLOTHES TALKING ABOUT WHAT IS GOOD FOR THE AMERICAN PEOPLE.

CRAMER: BUT LET'S SAY IT TAKES TWO YEARS. WHATEVER. OKAY, 18 MONTHS. HOW MANY CUSTOMERS ARE YOU GONNA TAKE FROM HIM IN THE NEXT 18 MONTHS? HOW MANY DO YOU INTEND TO TAKE FROM HIM IN THE NEXT 18 MONTHS? BECAUSE YOU ARE RESPONSIBLE FOR 235% OF THE GROWTH THAT WE'VE HAD.

LEGERE: AS WE SAY, WE WILL BOTH CONTINUE TO RUN OUR COMPANIES AND I WILL TELL YOU THAT OUR ASSESSMENT OF THE SYNERGIES OF THIS COMPANY ASSUMES THE POTENTIAL LOSSES THAT TAKES PLACE ABOUT LEADING TO INVEST.

CLAURE: IF YOU LOOK AT MAINLY THE LAST 12 QUARTERS OF GROWTH, THERE'S TWO COMPANIES THAT HAVE BEEN MAINLY TAKING MARKET SHARE AWAY, THAT NORMALLY WE HAVE POSITIVE – AND IT'S ALWAYS BEEN T-MOBILE AND SPRINT, AND THAT'S NOT GOING TO CHANGE. YOU SEE TWO DISRUPTIVE FORCES. A LOT OF PEOPLE FORGET IF WE GO BACK A YEAR BACK, AT&T AND VERIZON USED TO BASICALLY HAVE TONS OF RATE PLAN CHARGES IN OVERAGES. WE LAUNCH UNLIMITED FIRST, WITH T-MOBILE, I THINK THEY LAUNCHED A COUPLE OF DAYS LATER, AND THEN WE BASICALLY CHANGE THE U.S. LANDSCAPE FOREVER. EVERY SINGLE AMERICAN TODAY JUST CAN SIGN UP TO A RATE PLAN CALLED UNLIMITED. NO OTHER COUNTRY HAS THAT. OVERAGES ARE GONE. SO WHAT YOU SAW HAPPEN WITH THE DISRUPTION THAT WE DID WITH UNLIMITED, HOW WE DISRUPTED THE U.S. MARKET, WE'RE GOING TO CONTINUE TO DO THAT AS TWO SPLITT AND SEPARATE COMPANIES. NOW WHEN YOU PUT US TOGETHER THEN YOU CAN TURBO CHARGE THAT, AND YOU CAN SEE THE SAME DISRUPTERS OFFERING A BETTER PRODUCT, LOWER PRICES, AND AT THE SAME TIME ATTRACTING NEW JOBS.

LEGERE: CARL AND JIM, ONE MORE IMPORTANT THING.

FABER: MARCELO—

LEGERE: WAIT, DAVID. BECAUSE I NEED YOU TOO. SO WE WILL GET THIS DEAL APPROVED. I KNOW WHAT TO TELL THE REGULATORS, WHAT THEY NEED TO HEAR. ALRIGHT? SHAREHOLDERS WILL ACCRETE VALUE. MY BIG QUESTION TO THE THREE OF YOU IS ON THE DAY WE CLOSE AND CREATE THE NEW T-MOBILE, CAN I HAVE EACH OF THE THREE OF YOU AS NEW CUSTOMERS? YES OR NO?

CRAMER: I MEAN, YOU'RE A PARTNER TO THE SHOW.

LEGERE: COME ON.

FABER: SURE. WHATEVER YOU NEED.

LEGERE: THERE YOU GO. THERE'S A YES.

FABER: YES.

LEGERE: JIM? CARL?

QUINTANILLA: NO, NO, NO! I'M NOT GONNA -- ARE YOU KIDDING ME? ON THE FLIP SIDE, THOUGH—

LEGERE: HOLD ON, I WANT TO POINT OUT THAT MEANS WE HAVE 67% MARKET SHARE IN THE NEW T-MOBILE.

QUINTANILLA: ON THE FLIP SIDE, IF IT IS TURNED DOWN ON REGULATORY GROUNDS, WHAT THEN? WHAT'S THE PLAN THEN?

CLAURE: YOU CAN ASSUME THAT BEFORE WE ENTER A TRANSACTION LIKE THIS, WE STUDIED THE POSTER CHILD OF A MERGER. WHAT ARE REGULATORS LOOKING FOR? THAT YOU'RE GONNA BRING MORE COMPETITION TO THE MARKETPLACE. CHECK. BETTER PRODUCT, BETTER PRICES. DOESN'T GET MUCH BETTER THAN THIS. SECONDLY, THE U.S. NEEDS LEADERSHIP ON 5G. PERIOD. WE CANNOT FALL BACK TO CHINA AND SOUTH KOREA. 4G IS WHAT DROVE THE INNOVATION OF ALL THE OTTS. 5G IS GONNA DRIVE A WHOLE NEW ONE. PEOPLE SAY THE EMERGENCE OF 5G IS WHAT COLOR TV DID TO BLACK AND WHITE TV. AND WE CANNOT AFFORD TO FALL BEHIND. THE THIRD BIG QUESTION IS JOBS. THIS COMPANY IS ABOUT GROWTH SO YOU BRING BETTER PRODUCTS AND MORE PRICES AND BETTER JOBS, THIS IS A POSTER CHILD. THIS IS WHAT EVERY MERGER SHOULD LIKE THAT. SO WE FEEL VERY CONFIDENT. YOU CAN REST ASSURED THAT WE'VE DONE A LOT OF STUDYING BEFORE WE ENTERED A TRANSACTION LIKE THIS. WE HAVE NOT TALKED TO THE GOVERNMENT YET, BUT WE FEEL QUITE GOOD THAT WE HAVE A COMPELLING PROPOSITION.

LEGERE: I'M SEEING YELLOW.

QUINTANILLA: DAVID?

FABER: YEAH. GUYS, BY THE WAY, NOW I'M VERY CONCERNED AS EVERYBODY IS, I WASN'T THINKING ABOUT IT YESTERDAY BUT NOW 5G IN CHINA. IT'S ALL I'M GOING TO THINK ABOUT US FALLING BEHIND. WOW.

LEGERE: IT'S WHY WE'RE HERE, DAVID.

FABER: YEAH. BUT WHAT HAPPENS TO THE 27% STAKE THAT SOFTBANK HAS? WHAT IS THE INTENTION THERE FROM YOU AND MASAYOSHI SON IN TERMS OF MAINTAINING THAT STAKE IN THIS COMBINED COMPANY? WILL IT BE YEARS OR WHEN YOU SEE THE OPPORTUNITY, TO POTENTIALLY PUT UP A WIN IN TERMS OF THE INVESTMENT AND THE RETURN FROM IT OVER THE YEARS, WILL YOU START SELLING STOCK?

CLAURE: I MEAN, WE'RE COMMITTED. WE HAVE A LOCK UP IN THIS STOCK OF FOUR YEARS AND WE DID THAT ON PURPOSE. THIS WAS MASA'S ORIGINAL VISION TO PUT T-MOBILE AND SPRINT TOGETHER. AND YOU FOLLOW THE COMMISSION FUND, YOU FOLLOW THE INVESTMENTS THAT WE'RE DOING AND ALL THESE COMPANIES NEED A REALLY POWERFUL – THE WORLD'S BEST 5G NETWORK. I'M LOOKING FORWARD TO FIND THE SYNERGY BETWEEN OUR DIFFERENT PORTFOLIO COMPANIES THAT WE HAVE AT SOFTBANK AND COMBINING IT WITH A NEW COMPANY. SO WE'RE IN IT FOR THE LONG-TERM. WE BASICALLY ROLL ALL OF OUR EQUITY. THIS IS A SIGNIFICANT EQUITY. IT'S $25 BILLION OF INVESTMENT THAT WHEN YOU ADD THE SYNERGIES, WE EXPECT THIS TO GROW. WE PUT OUR FAITH IN THE HANDS OF JOHN AND MIKE AND WE FEEL VERY GOOD ABOUT IT. SO WE'RE IN IT FOR A VERY LONG-TERM, AND THIS WILL BE ONE OF THE PRIMARY INVESTMENTS OF SOFTBANK.

CRAMER: JOHN. I NEED TO HAVE A COMMITMENT FROM YOU RIGHT NOW THAT THERE WILL BE MORE PEOPLE WORKING FOR THESE TWO COMPANIES. THERE WILL BE MORE PEOPLE. THERE WILL BE MORE SPENDING. AND MY BILL GOES LOWER. I'M STILL NOT HEARING THESE WILL ALL OCCUR.

LEGERE: MY NAME IS JOHN. I WOULD LIKE TO COMMIT TO YOU, JIM, THAT THERE WILL BE MORE PEOPLE EMPLOYED FROM DAY ONE WITH BOTH COMPANIES COMBINED. PRICES FOR CONSUMERS WILL GO DOWN. PRICES FOR COMPETITIVE PEOPLE LIKE YOU WILL GO WAY DOWN. AND WE WILL INVEST $40 BILLION IN THE NEXT COMPANY IN THE NEXT THREE YEARS AND WE WILL DRIVE THE INNOVATION THAT COUNTRY NEEDS. AND DRIVE OTHERS TO MOVE FORWARD.

QUINTANILLA: WE'RE GOING TO SAVE THAT TAPE.

LEGERE: I AM.

CRAMER: WHAT ARE YOU SWEARING ON A BOTTLE OF, YOU KNOW – WATER?

QUINTANILLA: THE TELEVISION SET.

LEGERE: NOW GO FOURTH AND MULTIPLY.

CRAMER: HEY. YOU SPENT YOUR TIME ON THE CROSS THERE.

QUINTANILLA: ALL RIGHT GENTLEMEN, THANK YOU FOR YOUR TIME. GOOD TO SEE YOU. COME BACK SOON.

LEGERE: THANK YOU. WILL DO.

QUINTANILLA: MARCELO CLAURE AND JOHN LEGERE.

For more information contact:

Jennifer Dauble
CNBC
t: 201.735.4721
m: 201.615.2787
e: jennifer.dauble@nbcuni.com

Emma Martin
CNBC
t: 201.735.4713
m: 551.275.6221
e: emma.martin@nbcuni.com

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