Sprint and T-Mobile are set to announce a $32 billion merger sometime this summer, the New York Times is reporting.
The Times says the talks are ongoing and could still fall through, but if finalized would see Sprint acquiring T-Mobile for a 40% over-market premium of $40 a share. T-Mobile's current market cap is $27.5 billion.
Nearly two months ago, Spotify and Sprint announced a bundling deal -- often considered the most viable way for subscription music streaming services to reach the scale required for them to become profitable -- that would be included in their family plans. The deal was formally announced later in April, and coming together in a month following a "chance" meeting by the CEO of each company.