Breakthrough in T-Mobile, Sprint deal as companies are close to agreement

Sprint Surges 8%, T-Mo Pops as CNBC Says 'Making Progress' in Merger Talks

T-Mobile US is close to agreeing to tentative terms on a deal to merge with peer Sprint, people familiar with the matter said, a major breakthrough in efforts to merge the third and fourth largest USA wireless carriers.

Sprint stock price jumped up almost 6 percent on Friday on reports of the possible deal; T-Mobile stocks were up marginally.

Sprint's Japanese parent company SoftBank Group Corp.

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The two companies rose earlier this week on news of the possible merger. However, according to Reuters a deal is expected to happen by the end of October.

This isn't the first time T-Mobile US was in merger talks with another USA carrier.

If the two companies succeed in merging, they would have around 130 million subscribers and would jump to being in the same ballpark as Verizon and AT&T instead of lagging far behind as the two companies do now. Sprint did not respond to a request by The Star for comment on the reports.

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T-Mobile has a market capitalization of $52 billion, while Sprint has market capitalization of $32 billion.

The two firms, now the third and fourth largest USA wireless providers, have been in talks for months. In June, German publication Handelsblatt reported that T-Mobile's Germany-based parent company, Deutsche Telekom, was preparing a plan to merge with the Overland Park, Kansas-based mobile carrier. Earlier this year, Legere noted that the deal could face a "potential future outcome" under the Trump administration. Revenues would top $70 billion and, analysts said, there would be massive scope to cut costs.

T-Mobile has been considered a takeover target previously, as AT&T attempted to takeover the wireless firm in 2011.

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