Executives from SoftBank — Sprint's largest shareholder — have started "preliminary conversations" about an eventual merger with Deutsche Telekom, which owns 65% of T-Mobile, according to Bloomberg. Sprint tried acquiring T-Mobile back in 2014, but the deal fell through over regulatory hurdles. Specifically, the Federal Communications Commission barred any mergers as it was conducting an $19.8 billion wireless spectrum auction. That ended on April 27, opening up the door for potential mergers.

Sprint T-Mobile

With the current administration more amenable to mergers in the telecom industry, it looks like Sprint and SoftBank will take another look at possible options for a merger. Over the last two years, T-Mobile's evaluation has soared to $55 billion, or $23 billion more than Sprint's. A merger would give both entities a better chance against the top two carriers in the country, AT&T and Verizon.

SoftBank chairman Masayoshi Son and Deutsche Telekom CEO Tim Hoettges both expressed interest in a merger last week, but as of now, there's no official word on the state of the discussions. A report from February stated that SoftBank would be willing to give up control of Sprint in order to bring T-Mobile to the table, but we'll have to wait and see how the talks progress.