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T-Mobile, Sprint amend merger terms, SoftBank takes a hit – Source Reuters Tech News

(Reuters) – T-Mobile US (TMUS.O) and Sprint Corp (S.N) said on Thursday that they had agreed on new merger terms that would reduce the stake of major Sprint shareholder SoftBank, while leaving the offer to other shareholders unchanged.

FILE PHOTO: Smartphones with the logos of T-Mobile and Sprint are seen in this illustration taken September 19, 2017. REUTERS/Dado Ruvic/Illustration

Under the revised deal, SoftBank (9434.T) will hold about 24% of the combined entity, down from 27% under the earlier terms. T-Mobile’s parent Deutsche Telekom (DTEGn.DE) will hold about 43% of the combined entity, up from the 42% that the German group would have held.

Shares of Sprint were up 5% to $9.95, while T-Mobile fell 1.5% to $98 in trading after the bell.

SoftBank has agreed to surrender about 48.8 million T-Mobile shares acquired in the merger to the new company after the deal closes, changing the exchange ratio to 11 Sprint shares for each T-Mobile share, higher than the originally agreed…

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Source Reuters Tech News

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