Jeffrey Kagan, an independent analyst, said he didn't think the AT&T takeover would have a negative effect on pricing, since there will still be three major players in the market. "Ultimately, [the merger] will be approved," he said. Because AT&T will invest more in network expansion because of the takeover, Kagan said both customers and investors will be "happier."

He noted continued problems in keeping up with data demands of the when AT&T was the device's exclusive wireless carrier, creating an image that AT&T didn't want.

Jack Gold, an analyst at J. Gold Associates, said he was unsure whether regulators will automatically go along with the merger because it significantly limits competition.

"It is highly likely that data rates ... will increase," he said. "The bottom line is that this is probably good for current customers of AT&T and T-Mobile as it will ultimately result in better network coverage, but in limiting the competition, it will also probably result in higher prices."

AT&T Chairman Randall Stephenson said the transaction represents "a major commitment to strengthen and expand critical infrastructure for our nation's future." AT&T will increase its infrastructure investment by more than $8 billion over seven years, he said, and will be able to extend its plan for LTE coverage to an added 46.5 million Americans across 95% of the U.S.