Sprint soars after US judge approves merger with T-Mobile
Sprint Nextel Corporation
$26.11
11:09 15/11/24
-4.57%
-$1.25
Shares of telecommunications carrier Sprint were catapulted higher after a US judge gave the thumbs-up to its plans for a merger with T-Mobile.
Nasdaq 100
20,394.13
12:15 15/11/24
-2.40%
-502.54
T Mobile Us Inc
$41.38
11:00 08/07/16
0.00%
-$0.00
T-MOBILE US
$235.61
12:50 15/11/24
-0.90%
-$2.14
District Judge Victor Marrero said the two companies' plans for a tie-up were not likely to restrain competition in America's wireless market, the Wall Street Journal reported.
Quite the opposite, on numerous occasions over the past decade, T-Mobile's actions had in fact spurred the sector's two main players to be more consumer-firendly, Marrero argued.
And a combination with Sprint would see the continuation of T-Mobile's "undeniably successful business strategy for the foreseeable future".
Shares of Sprint soared by 71.25% to $8.23 on the back of the news.