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

T - Mobile merger with Sprint approved by judge . US District Court Judge Victor Marrero said in his ruling that he didn't envision the companies "would pursue anticompetitive behavior" and Sprint 's stock shot up a stunning 70% at the open. T - Mobile shares also spiked 12 % early trading Tuesday.

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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Judge approves billion merger of T - Mobile and Sprint . Published Tue, Feb 11 20208:17 The judge laid out three points on which the court rejected the states ' objections to the merger . "[N]ow we are finally able to focus on the last steps to get this merger done!" T - Mobile CEO John Legere

SoftBank stock jumps nearly 12 % after US judge approves T - Mobile - Sprint merger . Shares in SoftBank rallied on the Sprint news, closing up 12% in Tokyo, ahead of the company's earnings report. Sprint "has been a major distraction for ( SoftBank ) since 2012," Goyal said, adding that the merger

"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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T - Mobile and Sprint Are Cleared to Merge as the Big Get Bigger. In a wave of merger mania, the nation’s The states argued that the combination of T - Mobile and Sprint would reduce competition SoftBank , the Japanese conglomerate that controls the company, has been looking to raise cash for

Peter Boardman from NWQ Investment Management says the outlook for Softbank shares depend on what other holdings the Japanese conglomerate can sell. UP NEXT. NOW PLAYING: Viral. Softbank shares surge after US approves T - Mobile Judge grants Amazon injunction request in Jedi case.

"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%.

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