By market close, shares of Sprint had fallen 4% to $9.02, while T-Mobile dropped 2.3% to $33.49.
According to Wall Street Journal sources, the two are close to sealing the deal on an acquisition that would value T-Mobile at around $40 a share, or $32 billion. Private negotiations could lead to an official announcement as early as July. A deal which would unite the third- and fourth-largest American wireless telecoms would still need to gain approval from the FCC and the Justice Department.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts