By Kate Tummarello - 06/04/14 07:41 PM EDT
Sprint and T-Mobile are close to an agreement on a $32 billion merger deal, with a formal proposal being announced as soon as next month, according to multiple reports.
A Bloomberg report, citing people familiar with the discussions, said there’s “lot of work to be done before a deal is completed, including deciding management of the new company.”
Sprint is majority-owned by Japan’s SoftBank, while Germany’s Deutsche Telekom owns about two thirds of T-Mobile.
Under the agreement the two companies reached Wednesday, which could be announced in July or August, “Deutsche Telekom, the majority owner of T-Mobile, would own about 20 percent of the merged entity,” according to a report from The New York Times.
A Sprint-T-Mobile merger would be the third major telecommunications merger in front of regulators this year.
Comcast announced its plans to purchase Time Warner Cable, a $45 billion deal that would combine two of the country’s largest cable companies and Internet providers, in February.
Last month, AT&T announced its plans to purchase satellite television company DirecTV for $48 billion.