Sprint Stock Review
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Has signed a merger agreemengt that will value Sprint at about $26.5 billion, people familiar with the matter told CNBC, and will place T-Mobile's chief in the top job. The all-stock deal will be announced on Sunday, said the people, who asked not to be named because the negotiations are private. The transaction values Sprint at 0.10256 per T-Mobile share, or $6.62 a share based on T-Mobile's Friday closing price of $64.52, said the people. The combined company with T-Mobile will have an enterprise value of about $140 billion. John Legere will run the company, which will have dual headquarters in Bellevue, Washington and Kansas City, according to one of the people. Some Sprint executives are expected to remain with the company even after a deal is announced, the person said.
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SoftBank, which owns about 85 percent of Sprint, will allow Deutsche Telekom, which owns almost two-thirds of T-Mobile, to consolidate the new company's earnings, said the people. There is no breakup fee associated with the deal, they said. However, there is a roaming agreement that will kick into effect between the companies if a deal is rejected. Sprint customers would be allowed to use T-Mobile's network if they're out of range, two of the people said. The new company will be about two-thirds owned by T-Mobile shareholders and one-third Sprint, with board representation in line with economic ownership, one of the people said.