Shares of Sprint soared more than 74 per cent to $8.34 on Tuesday after a US federal judge approved T-Mobile US’ takeover of the telecom firm. The judge rejected a claim by a group of states that said the deal would violate antitrust laws and raise prices.
Shares of T-Mobile rose 11 per cent to $94.01.
During a two-week trial in December, T-Mobile and Sprint argued the merger will better equip the new company to compete with top players Verizon Communications and AT&T as the third-largest US wireless carrier, creating a more efficient company with low prices and faster internet speeds.
Finalising a deal will be a boon to SoftBank Group, Sprint’s controlling shareholder, as the conglomerate offloads a troubled asset that has lost subscribers at a faster rate.