T-Mobile and Sprint are merging for $26.5 billion: Here are the details

T-Mobile and Sprint are coming together in a $26.5 billion mega-merger that's all about 5G.

The rumors and speculation swirling for years are fomenting into a dust cloud of money. T-Mobile and Sprint, the third and fourth-largest carriers in the U.S., respectively, are poised to form a single entity in a $26.5 billion merger that would put the united company in a close third position behind AT&T with just over 70 million subscribers.

The companies announced the deal mid-day Sunday with a slick webpage called All for 5G, highlighting the ways in which the merged corporation will focus on next-generation wireless technologies more effectively against the competition.

Should the deal be approved by U.S. regulators — a tall order in an environment that has discouraged M&A between intra-industry entities — the New T-Mobile, as the companies are referring to it — T-Mobile's parent company, Germany's Deutsche Telekom, would own a 42% stake and seat nine board members, while Sprint's parent Softbank would have a 27% stake and four board members.

According to Bloomberg, which broke the story, SoftBank CEO Masayoshi Son will have a seat on the board.

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