T-Mobile and Sprint stock-for-stock deal to reflect 'at market' price: Sources

T-Mobile and Sprint are entering due diligence in a stock-for-stock deal that is expected to make Deutsche Telekom the majority owner, sources tell CNBC’s David Faber.

The stock exchange ratio is expected to be at market, the sources said. The companies are hoping to reach an agreement by the third week of October.

T-Mobile is owned by Deutsche Telekom while Sprint is controlled by SoftBank, which had also explored a possible combination of Sprint with Charter Communications. That latter transaction was put on hold given the T-Mobile-Sprint talks.

Minority owners would own about mid-30 percent of combined company, sources said.

This story is developing. Please check back for further updates.

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