Sprint: shares leap after court backs T-Mobile merger
(CercleFinance.com) - Sprint shares soared on Tuesday after the US mobile operator won a federal court's approval for its merger with T-Mobile.
"The proposed merger would allow the merged company to continue T-Mobile's undeniably successful business strategy for the foreseeable future," the court stated.
Sprint said the favorable decision of the Federal District Court of New York means that the companies are now taking final steps to complete their merger to create the "new T-Mobile."
They now plan to focus on quickly completing the few remaining necessary steps to close the transaction, that was originally announced two years ago.
The merger is expected to close as soon as 1 April, they said.
The combination, however, remains subject to certain closing conditions, including possible additional court proceedings.
Sprint shares have sky-rocketed almost 74% in early morning trading on Tuesday, while the T-Mobile stock is up over 11%.
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