T-Mobile and Sprint have agreed to a $26 billion merger after years of negotiations, CNN reported Sunday.
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The merger puts the two telecommunications companies into a tighter battle against industry leaders Verizon and AT&T.
T-Mobile majority owner Deutsche Telekom will hold a 42 percent stake in the new company, Variety reported. Sprint majority owner SoftBank will hold 27 percent. The rest will be held by public shareholders.
"I'm excited to announce that @TMobile & @Sprint have reached an agreement to come together to form a new company -- a larger, stronger competitor that will be a force for positive change for all US consumers and businesses! Watch this & click through for details,” T-Mobile CEO John Legere tweeted Sunday.
The two companies originally discussed a merger in 2014, but decided against it because of the threat of regulatory challenges by the Obama administration, CNN reported. A second merger attempt also broke down in November 2017.
If the merger is approved, it should close by early 2019, Variety reported.