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Money SoftBank stock jumps nearly 12% after US judge approves T-Mobile-Sprint merger

12:10  12 february  2020
12:10  12 february  2020 Source:   cnn.com

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Sprint Corp (NYSE:S)'s stock soared more than 70% in New York on Tuesday after the court approval . T - Mobile US Inc (NASDAQ:TMUS) finished up nearly 12 %. SoftBank is due to report its quarterly earnings later in the day. SoftBank Shares Jump 14% After U . S . Judge Approves

SoftBank shares skyrocket in Japan after judge approves T - Mobile and Sprint merger . SoftBank is a major shareholder of Sprint . The strong moves upward mirrored that of Sprint , which saw its SoftBank 's stock was last 10.58% higher on Wednesday morning after skyrocketing more than 12

a person with graffiti on the side of a building: A man squats as he smokes a cigarette next to a SoftBank mobile phone store on September 30, 2019 in Tokyo, Japan.© Carl Court/Getty Images AsiaPac/Getty Images A man squats as he smokes a cigarette next to a SoftBank mobile phone store on September 30, 2019 in Tokyo, Japan.

A massive bet on Sprint is finally paying off for Masayoshi Son.

Shares in his company SoftBank rallied on Wednesday, after a US court approved the $26 billion merger between T-Mobile and Sprint, the carrier SoftBank acquired nearly a decade ago.

SoftBank stock closed up nearly 12% ahead of its quarterly earnings Wednesday in Tokyo.

Son has been trying to combine the United States' third- and fourth-largest wireless carriers for years, with the goal of creating a heavyweight challenger to AT&T and Verizon.

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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

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

"All necessary federal approvals required for the [merger] to close have been obtained," SoftBank said in a press release Wednesday.

Getting this deal across the finish line is a much needed win for Son, who has been grappling with a string of high profile losses tied to his $100 billion Vision Fund. In November, the fund reported a $9 billion hit because of the WeWork bailout and losses in investments such as Uber and Slack.

The company reported after trading hours Wednesday that profits have been almost entirely wiped out as it continues to feel the pain from big losses in its massive tech fund.

Son, an ambitious dealmaker, masterminded SoftBank's 2013 takeover of Sprint with the aim of quickly merging it with T-Mobile. But concerns about regulatory challenges from the Obama administration effectively killed that plan, and talks with T-Mobile ended in 2014.

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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

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 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.

"I lost my confidence that moment ... I really didn't like the world anymore, I did a lot of thinking, and I lost my hair," Son joked at a 2017 earnings presentation, gesturing to his bald pate.

T-Mobile and Sprint finally reached a massive telecom merger agreement in 2018.

Sprint stock soared more than 70% in New York on Tuesday after the court approval. T-Mobile finished up nearly 12%.

SoftBank's $375 million bet on pizza went really bad really fast .
Inside the mass firings at Zume, one of Masayoshi Son’s latest investment debacles.By the time Garden headed back down the driveway, he was well on his way to a SoftBank investment of $375 million, with double that money on the table if his business gained traction. But that’s not what happened. Instead, Zume marks one of the biggest recent disappointments in SoftBank’s port­folio. As of this year it no longer makes or ­delivers pizzas. In January, Zume cut 360 jobs, leaving a little over 300 employees, and said it would focus on packaging and efficiency gains for other food delivery companies.

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