Sprint stock up 40% after report that U.S. District judge is set to rule in favor of its deal with T-Mobile

T-Mobile CEO John Legere (L) and Executive Director of Sprint Marcelo Claure pose for photographs before testifying to the House Judiciary Committee’s Antitrust, Commercial and Administrative Law Subcommittee in the Rayburn House Office Building on Capitol Hill March 12, 2019 in Washington, DC.

Chip Somodevilla | Getty Images

Sprint stock was up 40% in extended hours trading Monday after a report in the Wall Street Journal said that a U.S. District judge is expected to rule in favor of its ruling with T-Mobile.

CNBC ‘s Andrew Ross Sorkin also confirmed the news in a New York Times article.

According to both reports, a U.S. district judge is expected to rule in favor of the merger, the Wall Street Journal reported on Monday, citing people familiar with the matter.

The decision is expected to be made public Tuesday, the report said.

The third-largest U.S. wireless carrier by subscribers has been awaiting a decision from a federal judge on whether it can move forward with its $26.5 billion merger with Sprint.

Multiple states had sued to block the deal, arguing it is anticompetitive and will raise prices for customers.

Sprint and T-Mobile did not immediately respond to Reuters request for comment.

Shares of Sprint were up 50% at $7.2 in after market trading, while T-Mobile rose 6.5%.

This is breaking news. Please check back for updates.

Source link