Sprint and T-Mobile are close to finishing a $32 billion deal

Cellular carriers Sprint and T-Mobile have agreed upon an outline for a proposed merger that would see Sprint acquiring its rival company for around $32 billion dollars. Sources tell the Wall Street Journal that Sprint would pay about $40 a share for T-Mobile. The deal would further consolidate the cellular marketplace, reducing the number of large carriers to three if it is able to pass federal regulation. A formal contract hasn’t been laid out, but the two companies have come to an agreement over “broad terms” of the deal. Such terms include Sprint paying out $1 billion in assets and cash to T-Mobile if the deal doesn’t pass regulatory scrutiny or is terminated.