(Reuters) – A U.S. district judge is expected to rule in favor of allowing Sprint and T-Mobile to merge over the objections of a group of state attorneys general, according to two sources familiar with the matter.
A smartphones with Sprint logo are seen in front of a screen projection of T-mobile logo, in this picture illustration taken April 30, 2018. REUTERS/Dado Ruvic/Illustration
Shares of Sprint surged 69% in after hours trade and T-Mobile stock rose 8%.
U.S. District Court Judge Victor Marrero is expected to make his decision public on Tuesday, one source said.
Approval of the deal would be a high profile defeat for state attorneys general, led by New York and California, who had argued that a merger of the No. 3 and No. 4 U.S. wireless carriers would lead to higher prices, especially for customers who use prepaid plans popular with people with poorer credit.
The deal has already been approved by federal regulators.
The companies had said the deal was needed to help them…
Source Reuters Tech News