U.S. mobile carriers T-Mobile and Sprint are reportedly finalizing terms of a merger that could be announced as soon as this weekend, ending years of on-and-off negotiations between the two entities.
Under the proposed terms, Deutsche Telekom, which owns a majority stake in T-Mobile, will control slightly more than 40% of the combined company, Reuters reported, citing sources familiar with the matter. Deutsche Telekom will also have voting control of the company.
Sprint shares fell nearly 8% in after-hours trading on the news. T-Mobile shares were flat.
The proposed merger’s full terms were not immediately available. Sources told Reuters that the deal is not final and could still be called off, though the two sides are said to be aiming to sign the deal “in the next three days.”
Sprint, T-Mobile, Deutsche Telekom and SoftBank Group, which has a majority stake in Sprint, have yet to publicly comment.
The combined entities would form the third-largest mobile carrier service in the U.S., according to the New York Times. Verizon Wireless and AT&T rank first and second, respectively.
T-Mobile and Sprint ended their most recent round of negotiations in November 2017, only to restart talks earlier this month.