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Sprint is closing in on an agreement to pay $40 a share to buy T-Mobile, Bloomberg reported on Wednesday, drawing the two companies toward a deal to combine the country’s third- and fourth-largest telecoms carriers. The $40 price represents a 17 percent premium to T-Mobile US’s closing share price on Wednesday, giving it a valuation of more than $32 billion and the shares have more than doubled in price since the group bought smaller rival MetroPCS a year ago.

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