Sprint and T-Mobile are moving towards what has been reported as a $40 a share cash and stock merger that could value T-Mobile at $32 billion. But, this could be the most controversial consolidation effort yet to hit the fast-changing telecom sector. Moody's, on Monday, previewed its views on the possible merger, calling it a high-risk and high-reward deal. Ultimately, Moody's senior analyst Mark Stodden concludes that a merger of the two wireless carriers could put them in a more competitive financial position over the long-haul. However, regulatory pressures and an activist DoJ mean a deal has less than 50% odds of success.