Report: Sprint agrees to pay $32B for T-Mobile

Sprint Corp. has agreed to pay about $40 per share to buy T-Mobile US Inc., a person familiar with the matter said, marking further progress in the attempt to merge the third and fourth-biggest U.S. mobile network operators.

According to a Fox Business report, the deal is valued at over $32 billion.

However, Hannes Wittig, an analyst at JP Morgan, said the $40 price, if confirmed, seemed low.

"T-Mobile US should be worth more than that given that the synergies should exceed $20 billion, Deutsche Telekom would share some of the execution risk and Sprint would be getting control ... Somewhere in the high 40s would be more appropriate," he told Fox Business.

Read more from Fox Business.