According to sources familiar with the situation who spoke to CNBC, T-Mobile and Sprint could be making an announcement on a deal by mid November.
The sources said that due dilligence is continuing on the deal that the two companies were hoping would already be finalized by the end of this month. According to the sources, the review is taking awhile mostly on T-Mobile’s side.
The companies have opted for a stock-for-stock deal that is in negotiations and would make Deutsche Telekom the controlling owner.
Recently T-Mobile, the nation’s third-largest carrier, reported earnings that showed a profit of $550 million or 63 cents. This was a huge beat a Wall Street was waiting for 46 cents a share.
“With all the rumors and speculation out there, we decided that we wanted to make sure you all saw and focused the Q3 results, and not just on the rumors and speculation that seem fill the news every day,” CEO John Legere said in a video blog.
The company added 595,000 postpaid phone subscribers, or customers who pay at the end of the month for the quarter. It added a total of 817,000 postpaid customers when factoring in other connected devices like tablets and wearables.
Sprint will be releasing its earnings report on Tuesday October 24th.
Disclaimer: We have no position in T-Mobile US, Inc. (NASDAQ: TMUS) nor Sprint Corp (NYSE: S) and have not been compensated for this article.