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SoftBank Shares Jump 14% After U.S. Judge Approves T-Mobile-Sprint Merger

By Alex Ho


Investing.com - Softbank Group Corp. (T:9984)’s shares in Japan surged 14% on Wednesday in Asia after a U.S. judge approved a $26 billion merger between T-Mobile and Sprint, the career SoftBank bought nearly a decade ago.


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


Masayoshi Son, CEO of the company, attempted to merge Sprint and T-Mobile back in 2013, but the deal was blocked by the Obama administrationamid concerns about regulatory challenges.


"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.


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.


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