Now that Arch Wireless and Metrocall Holdings have completed their pending merger, the companies will now operate as subsidiaries of the newly formed holding company USA Mobility.

The combined company touts itself as the largest paging company and expects to be a leader in the wireless messaging space.

At the end of March, the two companies announced plans to merge as "equals." At the time of the announcement, the companies said the merger would better position them to compete, expand the product portfolio, improve financial performance and increase cash flow per share for each of the company's existing shareholders.

As part of the completed deal, Metrocall shareholders will receive $150 million in cash, plus 27.5 percent of the shares of the new company. Each Arch Wireless common share has been converted to one share of USA Mobility common stock.

Earlier this month, the U.S. Department of Justice investigative staff recommended that the department not challenge Arch's proposed merger with Metrocall Holdings, closing the DOJ investigation of the transaction. On Nov. 8, company shareholders approved the merger.

USA Mobility began trading today on the Nasdaq National Market under the symbol USMO.