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T-Mobile US Inc and Sprint announced a $26 billion all-stock deal

Apr 30, 2018 16:42 IST
about the video

The race for 5G technology is only getting hotter. Wireless carriers T-Mobile US Inc and Sprint announced a $26 billion all-stock deal. Their aim is to come at par with the top competitors Verizon Wireless and AT&T. The marketplace is still dominated by those two. And they stand well ahead of Sprint and T-Mobile in preparing for 5G technology. The technology 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 percent of the company and control of the board. The new firm will retain the T-Mobile name and be run by its current CEO John Legere. Japan’s SoftBank Group, which controls Sprint, would own 27 percent of the merged firm and have four board seats.