The combined company would have more than 127 million customers and could create more formidable competition for the No. 1 and No. 2 wireless players, Verizon Communications Inc (VZ.N) and AT&T Inc (T.N), amid a race to expand offerings in 5G, the next generation of wireless technology. Since then, Sprint’s shares have lost more than a fifth of their value amid questions about how the company can compete effectively under the weight of its long-term debt of more than $32 billion. Sprint declined to comment, while T-Mobile did not immediately respond to requests for comment.