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SoftBank gains near $13bn as Sprint's stock soars

Approval of T-Mobile merger offers big win following WeWork fiasco

SoftBank Group Chairman and CEO Masayoshi Son speaks in Tokyo. The company owns a 84% stake in Sprint.   © Reuters

NEW YORK -- A U.S. federal judge on Tuesday ruled in favor of the $26 billion merger between wireless carriers T-Mobile and SoftBank Group-owned Sprint, giving the Japanese conglomerate a much-needed boost after a series of investment flops.

The court decision, which came about six months after the acquisition was approved by the Department of Justice and the Federal Communications Commission, rejected a collective antitrust lawsuit by 13 states including New York and California, as well as the District of Columbia, which demanded an injunction on the transaction.

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