T-Mo, AT&T and Sprint are set to sell $9 billion of their own stock to raise money, the three companies announced Wednesday.
T-mobile said it would sell $1.2 billion of stock, and AT &TA would sell nearly $1 billion.
Sprint and Verizon have also agreed to sell a total of $2.3 billion of common stock and warrants, respectively.
The transactions come after Sprint and T-Mob announced they would spin off part of their businesses and merge.
TMobile CEO John Legere said the deal will help him get to $10 billion in debt.
T&[t]y also said it will spin off a smaller business in the U.S. It said it plans to use proceeds from the transaction to pay down debt.
Sprint said it expects to pay $2 billion in cash for T-mob, and $500 million in debt interest.
The three companies said they will pay about $2 to $3 per share in cash.
Sprint CEO Marcelo Claure said he believes the deal can help him turn around the company and help boost the company’s stock price.
Tmo said it is committed to being a better leader and to its customers and that the transaction will give it more flexibility to grow its business.
AT&ts CEO Randall Stephenson said the companies will continue to pursue synergies and to accelerate growth in both our business and our industry.