Sprint and T-Mobile have sealed a blockbuster merger agreement, producing a telecom behemoth that values the combined company at $146 billion, the two carriers announced on Sunday.

The new company will preserve T-Mobile's name, and will have dual headquarters in Bellevue, Wash. and Overland Park, Kan. John Legere, T-Mobile's current CEO, will retain the top job in the newly formed company.

 

The news confirms CNBC's earlier reporting that the two companies would strike an agreement. The companies came close to a merger agreement in November, before SoftBank CEO Masayoshi Son pulled out after weeks of talks.

The all-stock deal values Sprint at 0.10256 per T-Mobile share, or $6.62 a share based on T-Mobile's Friday closing price of $64.52.