Reports: Sprint Works Out $32 Billion Deal With T-Mobile
Sprint Corp. has worked out a $32 billion deal to acquire T-Mobile US Inc., according to reports Wednesday.
The deal was reported by varying media outlets, including the Kansas City Star, but no sources were identified. Sprint has not confirmed the reports and a spokesman for the company declined to comment to The Star.
Sprint reportedly will buy T-Mobile for around $40 a share. The Overland Park wireless carrier likely will face scrutiny from regulators, The Wall Street Journal report says.
Sprint has been losing subscribers for years, and says a merger with T-Mobile will allow them to compete with the larger wireless companies.
Sprint Chairman, Masayoshi Son, who has been seeking a deal with T-Mobile since shortly after his company, SoftBank Corp., bought 78 percent of the company in 2013. He has also promised Sprint customers lower prices and faster service, if the deal goes through.