LightSquared Inc. has reached a 15-year deal with Sprint to share network expansion costs and equipment, and to provide high-speed wireless service to the phone company.

Bloomberg obtained a letter, according to that Falcone has told Harbinger Capital Partners hedge fund investors about the accord. The companies were discussing a deal valued at as much as $20 billion, people familiar with the matter said earlier this month.

“LightSquared and Sprint will jointly develop, deploy and operate LightSquared’s 4G LTE network,” according to the letter. “Sprint will become a significant customer of LightSquared’s 4G LTE network.”

source: Bloomberg