Leap Wireless, which sells discounted wireless service under the Cricket brand, has hired Goldman Sachs and has formed a special committee to look into selling the company or merging with rivals, reports the WSJ, which quoted people people familiar with the matter.

An obvious candidate is its competitor MetroPCS, which operates in a similar niche, but the company is also looking at larger rivals, like AT&T (NYSE: T) and Verizon Wireless. While it may make sense for the bigger operators to acquire the operator, either for their spectrum or to expand into the prepaid niche, they could face regulatory concerns, or integration troubles since Leap uses CDMA, which is not compatible with either AT&T or T-Mobile’s network.