US wireless carriers Inc. and Sprint Corp. have finally inked about a $26 billion deal after years of negotiations punctuated by two breakups.
It comes after months of negotiations between, Deutsche Telekom which is T-Mobile's controlling shareholder and Japan's SoftBank, which controls Sprint.
The agreement would leave just three major wireless carriers in the US. The combined company would take on the name T-Mobile, leaving just it, Verizon and AT&T, CNN Money reported.
The combined company, which would be called T-Mobile, is designed to create a fiercely competitive firm with about 130 million customers, according to several media reports.
It is the third time in the last four years the two rivals have attempted the combination.
T-Mobile chief John Legere said the new firm would spend $40bn on building a 5G mobile network in the next three years.
"Together, we will build the highest-capacity mobile network in US history!! I'm talking 30X more capacity than T-Mobile today!!" he said in one of a series of Tweets.
According to the report, Legere, who will head the merged company, underscored that the firm aims to deliver "the highest capacity network in US history."
He threw light on the employment opportunity it has created.
He said the company will hire scores of people to create a nationwide network that will position the country as the leader in providing 5G connectivity.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)