SoftBank stocks cheer Sprint and T-Mobile merger approval
SoftBank Group’s stock finished nearly 12% higher after a brief jump by more than 14% during the session
Stocks impacted: SoftBank Group (SFTBF), T-Mobile (TMUS) and Sprint (S)
The US court approved the $26 billion merger between T-Mobile and Sprint. SoftBank shares rallied on the news, as the Japanese conglomerate is a major shareholder of Sprint. Sprint stocks jumped nearly 80% on Wall Street. T-Mobile finished up nearly 12%. SoftBank Group stock finished nearly 12%, with today’s gains marked its biggest intraday jump in more than a year. The latest development comes as a boost to SoftBank amid the reports that the Japanese company is struggling to raise capital for its second Vision fund. As a reminder, SoftBank has seen some of its major investments stumble of late, including the canceled IPO of WeWork and the shutdown of retail startup Brandless.
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