IT'S OFFICIAL: T-Mobile and Sprint are coming together to form a $146 billion new company to take on Verizon and AT&T

The boards of T-Mobile and Sprint have put the finishing touches on a massive merger agreement that values the combined company at $146 billion.

T-Mobile USA chief executive officer John Legere made the announcement by tweeting a seven-minute video breaking down the merger, also including a link to a website further explaining the combination.

Legere will be CEO of the newly combined entity, will keep the T-Mobile name, and have headquarters located in both Bellevue, Wash. and Overland Park, Kan.

The all-stock deal values Sprint at 0.10256 per T-Mobile share, or $6.62 a share, based on T-Mobile's last closing price. That valued Sprint at around $26 billion.

This story is developing. Refresh for updates.

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