Feb 12, 2020

US telecoms giants get $26bn takeover green light

A US judge has given the go-ahead for telecoms giant T-Mobile US to buy its smaller rival Sprint. The $26bn deal will mark a major shakeup of the industry as it will mean there will be just three major players in the American mobile phone market. The ruling will mean the majority of US mobile phone users will be served by just three networks: Verizon, AT&T, and the new T-Mobile. After the Wall Street Journal reported on Tuesday that the verdict would be in favour of the T-Mobile deal, shares in Sprint soared by almost 80%, or about $15bn, in New York. The deal would allow Softbank, a Japanese technology company, to offload one of its troubled assets as it struggles to raise funds for a successor to its $100bn Vision Fund.

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