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. Both Sprint and T-Mobile have lagged behind Verizon and AT&T, the two largest wireless companies, and the proposed deal keeps the new company entrenched at number three. The proposed all-stock deal values Sprint at about $59 billion and the combined company at $146 billion, including debt. Without debt, the deal values Sprint at $26.5 billion.

The new company — which is touting an ability to create a large scale 5G network and thousands of U.S. jobs — will preserve T-Mobile's name, and will have dual headquarters in Bellevue, Washington, and Overland Park, Kansas. John Legere, T-Mobile's CEO, will retain the top job in the newly formed carrier. Legere tweet "This combination will create a fierce competitor with the network scale to deliver more for consumers and businesses in the form of lower prices, more innovation, and a second-to-none network experience — and do it all so much faster than either company could on its own," Legere said in a statement. "As industry lines blur and we enter the 5G era, consumers and businesses need a company with the disruptive culture and capabilities to force positive change on their behalf," he added.