Signage for a T-Mobile store is pictured in downtown Los Angeles, California August 31, 2011. REUTERS/Fred Prouser


KATIE COLLOM, China Topix

(China Topix)—Sprint and T-Mobile, the third- and fourth- largest wireless phone companies in the US, have reportedly reached an agreement in their long-anticipated merger.

Sources privy to the negotiations say Sprint has agreed to around $40 per share to purchase T-Mobile, making the mobile phone firm worth more than $32 billion.

However, the sources say a lot of further negotiations are needed before the two can completely reach an agreement. Softbank, which owns 80 percent of Sprint, was willing to make an offer in the upper $30s per share while Deutsche Telekom, which owns around 67 percent of T-Mobile, was seeking a deal of around $40 per share.
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