NEW YORK (TheStreet) -- Sprint (S) is in the process of raising financing for a takeover bid of competitor T-Mobile (TMUS) as the company works to press a merger of the nation's third and fourth largest wireless carriers.
Bloomberg News reported after the market close on Wednesday Sprint has met with half a dozen banks about securing debt financing for the bid, which may be disclosed in June or July.
A merger attempt between Sprint and T-Mobile would be the riskiest attempt at wireless consolidation since AT&T (T) failed to buy T-Mobile in 2011. That deal was blocked by the Department of Justice, which continues to believe that a competitive wireless industry would have four nationwide players.
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