Sprint and T-Mobile Merger confirmed.

After multiple reports of a planned merger betweenSprint and T-Mobile USA, more alleged details have reportedly emerged. The merger deal has been allegedly accepted, with the combined company to be named SoftBank USA — meaning, the T-Mobile and Sprint monikers would be history.

The CEO of the new company would be the current T-Mobile USA chief, John Legere. Dan Hesse, Sprint’s CEO, would step down from his current position, though he would remain a part of the SoftBank board.

Also scrapped would be the MetroPCS, Virgin Mobile, and Boost Mobile prepaid brands, all rolled in to one structure — the aptly named Framily Plan. It’s unclear from this report what would be done with other prepaid MVNO brands such as Ting. The whole company would allegedly operate on a no contract, no credit check structure, and two-year agreements would be given the boot.

As for T-Mobile’s current majority investor, Deutsche Telekom, it would keep 20% of the combined company. A critical part of the deal would be Deutsche Telekom customers getting free roaming on SoftBank networks, and vice versa.

The deal is reportedly final, and could be made official on Monday. Curiously enough, this comes soon before T-Mobile’s planned Uncarrier 5.0 event. It’s unlikely this event will be cancelled, which means it is possible that the merger could be made official there; after all, the changes to the plan structure outlined above certainly are bold moves.

This deal would require regulatory approval, of course, but it is projected by the source that the FCC will agree to the deal — the combined company would remain behind AT&T’s wireless service branch and Verizon Wireless, after all. The last price we heard of for the merger was from The Wall Street Journal, which reported it as having a$32 billion sale price.

If this planned merger goes through, and this information is accurate, competitors AT&T and Verizon Wireless would certainly find themselves a powerful new competitor. This may result in lessened prices and more data options for all, as SoftBank CEO Masayoshi Son expressed a desire for in an interview at Re/code’s Code Conference.

Update: In an accompanying blog post, TK Tech News says the buyout will close at $36.00 per share, a little off from the $32.00 price quoted by The Wall Street Journal.

Source: TK Tech News (YouTube)