Just a day after it was confirmed by Deutsch Telekom and MetroPCS that they were engaged in talks with T-Mobile USA regards a merger, we just received word that both boards had met this morning and approved the deal.

The newly formed larger entity would maintain the T-Mobile branding and be spearheaded by current T-Mobile USA CEO John Legere. Deutsch Telekom would hold a 74% stake in this new entity, with the balance 26% being held by MetroPCS. MetroPCS would also receive $1.5 billion from Deutsch Telekom.

That said, the entire deal is expected to be completed sometime in early 2013. A merger between these 2 carriers would likely create a unified, but low-cost alternative to customers in a market dominated by AT&T and Verizon. T-MObile USA is the nations 4th largest wireless carrier with a customer base of 33.2 million subscribers, while MetroPCS with 9.3 million subscribers is the 5th largest.

The merger could also mean more leverage with device manufacturers, such as Apple, which does not sell it’s iPhone through either MetroPCS or T-Mobile USA. A larger, beefed-up entity might be just the stimulus required for Apple and other manufacturers.

All being said, the skies are looking good for the US wireless consumer, with more options being available to choose from. Stay tuned with us for more on this.