>> It means I have big news to share.>> After four years of will they or won't they? Sprint and T-Mobile on Sunday finally said they're tying the knot. The merger of the third and fourth largest US wireless carriers gives them more muscle to fight top players Verizon 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% 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 it's current CEO, John Leisure.
Japan's SoftBank group, which controls Sprint, would own 27% of the merged firm and have four board seats. The paper says SoftBank founder Masayoshi Sohn gets one seat, while public shareholders will control the rest. The two companies first tried to merge in 2014, but faced anti-trust opposition from the Obama administration.
Another round of talks between the two ended last November amid disagreements over deal terms. US regulators still must sign off on whether they're willing to shrink the number of major wireless players to just three before the deal can go through.