Report: Sprint, Bellevue-based T-Mobile close to merger

T-Mobile's Bellevue headquarters. (File photo)

SEATTLE -- Telecommunications companies Sprint and T-Mobile, based in Bellevue, are on the verge of a big merger.

The deal is reportedly worth a whopping 32-billion dollars. According to the Wall Street Journal, Spring would acquire T-Mobile for about 40 dollars per share in cash and stock.

The companies are still working toward a formal contract and the deal could fall through, the newspaper reported. If an agreement is reached, the third and fourth-largest wireless companies would combine in an effort to compete with Verizon and AT&T.

The deal is expected to be finalized this summer.