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Simpson Thacher is representing J.P. Morgan Securities LLC as financial advisor to Sprint Corporation (NYSE: S) (“Sprint”) in its merger with T-Mobile US, Inc. (NASDAQ:  TMUS) (“T-Mobile”) in an all-stock transaction.

Under the terms of the merger agreement, Sprint stockholders will receive 0.10256 T-Mobile shares for each Sprint share or the equivalent of 9.75 Sprint shares for each T-Mobile share. Based on closing share prices on April 27, this represents a total implied enterprise value of approximately $59 billion for Sprint and approximately $146 billion for the combined company. The transaction, which is expected to close no later than the first half of 2019, is subject to regulatory approvals and customary closing conditions.

Deutsche Telekom AG and SoftBank Group Corp. are expected to hold approximately 42% and 27% of diluted economic ownership of the combined company, respectively, with the remaining approximately 31% held by public stockholders. Following closing, the combined company will be headquartered in Bellevue, Washington, with a second headquarters in Overland Park, Kansas.

Upon consummation of the transaction, the combined company is expected to trade under the TMUS symbol on the NASDAQ.

The Simpson Thacher team includes Caroline Gottschalk, Mario Ponce and Mark Viera (M&A).