SoftBank shares surge up to 14% after U.S. judge approves merger between T-Mobile and Sprint
Shares of SoftBank Group Corp. in Japan shot up by 14% on Wednesday after a U.S. judge green-lit a $26 billion merger between T-Mobile and Sprint—a deal SoftBank sought for nearly a decade.
"All necessary federal approvals required for the [merger] to close have been obtained," SoftBank said in a press release on Wednesday.
CEO of the company Masayoshi Son attempted to merge Sprint and T-Mobile previously in 2013 but the deal was faced with an interruption by the Obama administration due to regulatory concerns.
Sprint Corp’s stocks soared up more than 70% in New York on Tuesday after the court approval. Meanwhile, T-Mobile US Inc swept up nearly 12%.
SoftBank will report its quarterly earnings later in the day.
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