Sprint, T-Mobile agree to $26 billion merger

Updated:8 years, 2 months ago

New Delhi, Apr 30 (ANI): T-Mobile and Sprint announced on April 29 that they had agreed to a $26 billion all-stock deal as they aim to fight top competitors Verizon Wireless and AT&T. Those two stand well ahead of Sprint and T-Mobile in preparing for 5G technology, which is expected to have speeds necessary to power drones and self-driving cars. The $26 billion all-stock deal gives T-Mobile majority owner Deutsche Telekom 42 percent of the company and control of the board. The New York Times reports the new firm will retain the T-Mobile name and be run by its current CEO John Legere. Japan's SoftBank Group, which controls Sprint, would own 27 percent of the merged firm and have four board seats.

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Sprint, T-Mobile agree to $26 billion merger

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