Sprint, T-Mobile Move Closer to a $32 Billion Deal

Sprint and T-Mobile US have agreed on the broad terms of a merger worth around $32 billion and are working toward a final agreement, people familiar with the matter said.

Under the framework, Sprint would acquire T-Mobile for around $40 a share in a deal that could happen early this summer, the people said.

A deal could still fall through, but if completed would combine the country's third and fourth largest wireless operators, creating a bigger competitor to market leaders Verizon Communications and AT&T but leaving consumers with fewer choices for service. A deal would face strong opposition from regulators and a lengthy antitrust review, and Sprint would pay T-Mobile more than $1 billion in cash and other assets if it is shot down, the people said.