A host of firms including Wachtell Lipton Rosen & Katz and Morrison & Foerster are advising on the proposed $26.5 bn all-stock merger between Sprint Corp and T-Mobile US, announced on Sunday.

The proposed deal will see Washington-based T-Mobile, which is owned by Deutsche Telekom,  take control of Kansas-based Sprint, a majority stake of which is owned by Japanese conglomerate SoftBank Group. If the merger receives shareholder and regulatory approval, the combined $146bn company will create a US telecommunications rival to industry leaders AT&T Inc and Verizon Communications Inc.