The deal is reportedly worth $130 billion, but TheStreet's Jim Cramer and Debra Borchardt warned that it's not a done deal yet.
However, Cramer said the winner is definitely Vodafone, which will now have plenty of cash to acquire European properties before the region starts to rebound.
He added that the deal would also be good for Verizon, now that it can put the whole wireless venture under one roof.While Verizon does have some yield support in the stock price, that could quickly diminish if the yield in the 10-year Treasuries notes continues toward 3%. Cramer would be a seller near $50. Also, as the stock goes higher, there's always a chance that another stock offering could be bigger than expected, too. He concluded that he likes Sprint (S) at $6 and AT&T (T) at $33. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell