SoftBank shares open 12.5% higher after T-Mobile-Sprint merger approval

  • 📰 Reuters
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

SoftBank stock surges to seven-month high after judge OKs Sprint-T-Mobile merger

FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai

TOKYO - SoftBank Group Corp shares opened 12.5% higher on Wednesday morning after a federal judge approved the takeover of its U.S. wireless unit Sprint Corp by T-Mobile US Inc. A deal would allow SoftBank, which reports its earnings on Wednesday, to offload a troubled asset when its other tech bets are facing investor scepticism and it is struggling to raise funds for a successor to its $100 billion Vision Fund.

A federal judge rejected a claim by a group of states that the proposed T-Mobile-Sprint merger would violate antitrust laws and raise prices. One of SoftBank founder Masayoshi Son’s big overseas bets, Sprint has weighed down the group as it struggles to compete with bigger rivals.Reporting by Sam Nussey; Editing by Shri Navaratnam and Tom Hogue

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US

United States United States Latest News, United States United States Headlines