AT&T to buy T-Mobile

The girl in the pink dress just found out she’s been mocking her new boss.

AT&T just announced a deal to buy T-Mobile USA from Deutsche Telekom in a cash and stock deal worth $39 billion.

The deal would make AT&T the nation’s largest wireless carrier by a wide margin, so it will probably face significant government scrutiny, and AT&T could have to make some big concessions.

Or the deal could be blocked completely — last year was the first year that the FCC did not conclude the U.S. wireless industry was “competitive.” The companies expect the deal to close in “approximately 12 months” — a long time.