NEW YORK (TheStreet) -- Shares of Softbank (SFTBF) are up 1.50% to $74.40 after it was reported that the company reached a basic agreement to acquire T-Mobile US (TMUS - Get Report) from German parent Deutsche Telecom (DTEGY), paving the way for a merger between the fourth-ranked U.S. mobile carrier and rival Sprint (S), the Nikkei reports.
The two sides are still working out details, and the deal needs clearance from U.S. regulators.
Shares of T-Mobile US are 1.46% to $33.36.
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