T-Mobile and Sprint officially announced Sunday they have agreed to merge. The all-stock transaction will leave T-Mobile parent Deutsche Telekom in control of 42% of the new combined company and Sprint parent SoftBank in control of 27%, with the remaining shares held by the public. With the likelihood of a consolidation of towers on the horizon, shares of tower companies fell sharply Friday on news of the agreement being finalized. Crown Castle stock was off nearly 4% from the previous day’s close due to their large ownership of leases for Sprint and T-Mobile, along with stock of SBA Communications down around 5%. American Tower Company’s shares fell just over 1% due to their more diversified international portfolio with less exposure to Sprint and T-Mobile. The merger, however, still faces the hurtle of approval by regulators.
Carriers
T-Mobile/Sprint agree to merger
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