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Sprint's stock soars around 75% after judge approves T-Mobile merger

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

Reuters 

File photo of smartphones with the logos of T-Mobile and Sprint. (Photo: Reuters)
File photo of smartphones with the logos of T-Mobile and Sprint. (Photo: Reuters)

Shares of soared more than 74 per cent to $8.34 on Tuesday after a US federal judge approved 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 rose 11 per cent to $94.01.

During a two-week trial in December, and 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 Group, Sprint’s controlling shareholder, as the conglomerate offloads a troubled asset that has lost subscribers at a faster rate.

First Published: Wed, February 12 2020. 02:33 IST
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