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Wed, Oct 3, 2012 11:31 AM EDT

Less than a year after T-Mobile failed bid to merge with AT&T, the wireless carrier has announced that it's now trying to combine with MetroPCS. The move is controversial, especially because the wireless market is notoriously uncompetitive -- and because Metro PCS has previously charged its users more for its different services, a direct challenge to the FCC's net neutrality rules.

The move, however, is being explained by the companies as one that will help two "weaker" telecom companies in its competition agains the big boys: AT&T and Verizon.

More from the Los Angeles Times:

Under the terms of the agreement, MetroPCS shareholders will receive $1.5 billion in cash and 26% ownership in the company, which will have the T-Mobile name. Deutsche Telekom AG, the Germany company that owns T-Mobile, will receive a 74% stake.

In a teleconference call with media Wednesday, Rene Obermann, chief executive of Deutsche Telekom, said the merger "means we are here to compete, we are here to unlock value and we are here to win. This deal has the potential to be a game changer."

Already, the move is drawing criticism from consumer advocates.