Critics worry leaving the American wireless industry with three competitors could lead to higher prices for consumers, but the companies argue differently.

“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,” said T-Mobile CEO John Legere in the statement.

Sprint made a bid to acquire T-Mobile more than three years ago, but scrapped the deal because of regulatory opposition from the Obama administration.

The companies are banking the Trump administration views the merger favorably.