Stock Alert: T-Mobile, Sprint Surge On Merger Approval

(RTTNews) - Shares of T-Mobile US Inc. (TMUS) and Sprint Corp. (S) are soaring after a federal judge approved the long-pending merger of the wireless carriers.

T-Mobile shares are currently up 11.08% at $93.90, reaching an all-time record stock price, while Sprint shares are up 73.23% at $8.32, breaching two-year high.

A U.S. District judge on Monday ruled in favor of Sprint and T-Mobile's $26 billion merger deal. The judge dismissed a lawsuit brought by a group of State Attorneys General.

Meanwhile, the deal still needs the California Public Utilities Commission approval. The ruling of Southern District of New York Judge Victor Marrero said the proposed merger is not reasonably likely to substantially lessen competition in the mobile service market, and would likely enhance competition in the relevant markets to the benefit of all consumers.

Mike Sievert, COO and, President of T-Mobile hoped that the deal could now close as early as April 1, 2020.

In 2018, T-Mobile and Sprint agreed to merge in an all-stock deal worth $26 billion. The deal then valued Sprint at $59 billion, while the combined company would be worth $146 billion.