Mobile carriers Sprint and T-Mobile have agreed to join forces in a mega-merger, the two companies announced Sunday.

The combined company will be known as T-Mobile and is going to be led by T-Mobile CEO John Legere. T-Mobile’s current COO Mike Sievert will serve as president and COO of the combined company. Sprint CEO Marcello Claude will serve on the board of the new company, but not have any active management role. T-Mobile is also keeping the combined company on its books.

T-Mobile majority owner Deutsche Telekom will hold a 42 percent stake in the new company, whereas Sprint majority owner SoftBank will hold 27 percent, with the rest being held by public shareholders.

Legere broke the news on Twitter Sunday morning.


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