Mobile and Sprint merger deal on a healthy progress

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T-Mobile is reportedly closing in on an agreement to merge with rival mobile network provider Sprint under "tentative terms".

"With T-Mobile and Sprint merging, the end-result carrier would have a consumer count almost identical to AT&T and Verizon", he said.

This isn't the first time that we've seen reports indicating a near-done deal on the merger, however, as the two companies were believed to be more or less set to merge three years ago, at a time when T-Mobile was a much smaller player in the market than it now is and Sprint was the bigger whale.

The combined company would have more than 130 million subscribers and revenues topping $70 billion.

The sources asked not to be identified because negotiations are confidential.

T-Mobile has a market capitalization of $52 billion, while Sprint has market capitalization of $32 billion.

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Shares of Sprint rose more than 3% in pre-market trading this morning on the news; T-Mobile's stock was up more than 1% before the market opened.

Reuters said a deal is expected by the end of October, according to the sources, though talks may still fall through.

That deal would have put SoftBank in control of the merged company, with Deutsche Telekom becoming a minority shareholder. In 2011, AT&T announced its plan to buy T-Mobile, but later backed off on the news that the Justice Department would attempt to block the transaction due to antitrust concerns.

Faber relates that T-Mo's chief executive, John Legere, did not respond to a request for comment.

A banker told THR that the talks have been on and off in recent months.

The merger is in the initial stages of being confirmed, whilst both companies still look to agree on terms.

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