Sprint shares soar on report judge to OK T-Mobile merger

By: Elisa N.

Shares of Sprint soared more than 60 percent in late trading Monday on a report that a federal judge will OK its $26 billion merger with T-Mobile, creating the nation’s second largest carrier.

Manhattan federal judge Victor Marrero is expected to rule in favor of a Sprint/T-Mobile marriage amid an antitrust fight brought by a group of attorneys general, the Wall Street Journal reported Monday.

Judge Marrero is set to rule in favor of Sprint/T-Mobile as soon as Tuesday, the paper said.

Sprint shares surged 63 percent to $7.83, well above its closing price of $4.80 a share. T-Mobile added 10 percent to $93 a share.

The US Department of Justice and the Federal Communications Commission have approved the deal, but attorneys general in New York and other states sued to block it in June, arguing that it would result in increased prices for consumers.

The parties have been notified of the imminent ruling, The Journal said. The paper was unclear whether the ruling could require the parties to make additional concessions beyond what has already been agreed to.