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John Legere
John Legere

Shares of T-Mobile US are up more than 6 percent after reports of France telecom company Iliad proposing a buyout.

The Wall Street Journal is reporting that Iliad made an offer last week to acquire and gain control of T-Mobile US.

A potential Iliad buyout would nix Sprint’s attempt to acquire T-Mobile, a move that has been rumored for months and would combine the nation’s third and fourth-largest carriers.

If the Sprint acquisition agreement is reached and approved by regulators, T-Mobile CEO John Legere is reportedly in line to lead the combined company. In the case of an Iliad buyout, it’s unclear if Legere would maintain a leadership role.

Meanwhile, Sprint’s stock is down more than 3 percent following the WSJ report.

T-Mobile posted its second quarter earnings today, which included $391 million in profit and an additional 1.5 million new customers.

Update, 10:15 a.m.:

Iliad issued a press release this morning, noting that it has offered $15 billion in cash to T-Mobile for 56.6 percent of the company at $33 per share.

The French telecom company, valued at $16 billion, noted that it would finance the cash purchase through a combination of debt and equity.

“This transaction should not raise any antitrust issue in light of the competition rules given that Iliad is not present in the United States,” Iliad wrote in its release.

T-Mobile’s stock is still up 6 percent.

Update, 11:30 a.m.:

T-Mobile confirmed the receipt of Iliad’s offer in a filing with the SEC, but declined to comment further.

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