T-Mobile and Sprint agreed on Sunday to merge in an all-stock transaction, valuing a combined company at $146 billion. However, uncharacteristic of mergers, stocks have dropped and ETFs are down.

With T-Mobile and Sprint finally agreeing to a merger, it marks the end of countless hours of negotiation over who would hold the largest stake in the company.

The merger will still need to be approved by U.S. regulators.

According to Fox Business, “Deutsche Telekom, which owns a majority stake in T-Mobile, will control 42% of the new company. SoftBank Group, which is the majority shareholder in Sprint, will control 27% of the company. The remaining 31% will be held by the public. Based on Friday’s closing stock prices, T-Mobile has a market value of $55 billion, while Sprint’s market value is $26 billion.”

Unfortunately, it could’ve been a much better deal for Sprint’s parent company, SoftBank, if only the Japanese telecom giant had acted sooner.

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