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NEW YORK (TheStreet) -- Sprint(S) and T-Mobile(TMUS - Get Report) stock closed Thursday's session lower following reports the two have mostly agreed on terms of a proposed merger.
By market close, shares of Sprint had fallen 4% to $9.02, while T-Mobile dropped 2.3% to $33.49.
According to Wall Street Journal sources, the two are close to sealing the deal on an acquisition that would value T-Mobile at around $40 a share, or $32 billion. Private negotiations could lead to an official announcement as early as July. A deal which would unite the third- and fourth-largest American wireless telecoms would still need to gain approval from the FCC and the Justice Department.