French telecommunications company Iliad has confirmed (PDF) submission of a buyout offer to T-Mobile USA. The proposal includes $15 billion in cash ($33 per share) for a 56.6 percent stake in the company, and then $40.5 per share for the remaining 43.4 percent, based on $10 billion in potential cost savings.

Iliad’s offer values T-Mobile shares at $36.20 on average. The company would use a mix of debt and equity to finance the deal. T-Mobile’s board of directors now has an opportunity to respond.

Meanwhile, Sprint and its parent company SoftBank have reportedly been preparing their own $32 billion bid for T-Mobile. Iliad has a smaller market capitalization than T-Mobile, so the deal is something of a stretch. However, Iliad doesn’t yet operate in the US, so that could give a better shot at getting regulatory approval for an acquisition.

T-Mobile stock is up more than 6 percent on today’s news.

Iliad confirms its interest in T-Mobile US (h/t Business Insider)

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