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Business deals

Sprint and T-Mobile US to amend terms of long-awaited merger

Sprint owner SoftBank Group to reduce its major stake to 24%

T-Mobile and Sprint have spent more than seven years pursuing a consolidation.(Source photos by Reuters)

TOKYO -- SoftBank Group announced on Friday that its subsidiary Sprint and T-Mobile US will amend parts of their merger agreement, in a move to reflect the current stock value.

The Japanese conglomerate will reduce its major stake from 27.4% to 24% while the offer to other shareholders will remain the same. SBG will surrender around 48.8 million T-Mobile shares acquired in the merger, close to 14% of the shares received from the transaction, to the new company immediately after closing the deal.

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