*Your choices in (mobile) phone companies just shrunk again. But on the other hand, T-Mobile will now have the iPhone.

On Sunday, AT&T Inc announced it would buy Deutsche Telekom AG’s T-Mobile USA in a cash-and-stock transaction worth around $39 billion.

As part of the deal, Deutsche Telekom will get about 8 percent stake in AT&T, and a Deutsche Telekom representative will join the AT&T board.

AT&T can increase the cash component so long as Deutsche Telekom receives at least a 5 percent equity stake in it.

The agreement has been approved by the boards of both companies.

For MORE of this story, visit the LA Times.