NEW YORK ( TheStreet) -- Jim, Softbank is going to be buying Sprint so what is this going to mean for the other carriers?

Jim Cramer:
I think that you really have to be careful. Verizon, AT&T, they've had a big, big move. The yield is less than five. They had been these income producers that also had some momentum. AT&T helped destroy T-Mobile by making that bid. I mean destroy meaning it was on its heels. Sprint looked like it was starting to run out of money. And then suddenly you have Sprint well capitalized, and you have T-Mobile making an acquisition. Suddenly you've got this very viable market where it's entirely possible there could be price wars.

Debra Borchardt:
And it seems like we just had a two-horse race. Now, all of a sudden, it looks like we've got three horses.

Jim Cramer:
I listened to that conference call. Oh, my, Softbank's aggressive. And they are taking in a lot of debt. But there have been tremendous concerns about whether Sprint can catch up on LTE. Now those seem to be off the table and so suddenly it got Sprint with this really great data plan. TheStreet's Matt Horween reminds me that, look, Sprint had the better customer service and did have the better game plans. Some people are obviously...I mean I'm a Verizon user. But to have viable competitors to AT&T and Verizon, you know stocks are too high. And I have liked them for a long time but they are too high.

Debra Borchardt:
Now we are talking as if this thing is done, a done deal. But they've got to go through government regulatory issues. Do you think there's going to be any kind of backlash because this is a Japanese company?

Jim Cramer:
You know, I think that the government really wants well-capitalized players.

Debra Borchardt:
Okay.

Jim Cramer:
We saw that when ATT was trying to buy T Mobile. This helps Sprint stay afloat so the government may be pro-forma concerned but they want real competition. Dan Hesse sell this deal. He's a remarkable man. He will sell this to the government.

Debra Borchardt:
Now, not in so much on the wireless side but the spectrum side, is there concern over them controlling so much spectrum because they're also talking to Dish about buying spectrum.

Jim Cramer:
Right, and Clear Wire. We don't know where Clear Wire is going to go. I think that stock runs too much, but I was wrong last week. I thought it shouldn't have been that much above too much - looking at their debt load. But spectrum's always a contested issue. Verizon has a ton of spectrum. AT&T has a lot of spectrum.

You get these situations where the competitors are so well capitalized and there are so many things going for them that all you really want to do is keep a lot of players in the market so that the price of the Apple's iPhone is down. Remember they can subsidize it. And the price of your bill is down.

So I think anyone who is against this in the government is really not have a good hand.

Debra Borchardt:
Let's step back. Just rank the stocks. Irregardless, now that it seems there is a game changer.

Jim Cramer:
Sprint capped its self. I don't know. And I've been a huge backer of Sprint. Now you have to wait to see what happens after this tender offer, 55 percent in cash and stock seems very...the stock has had a lot of upward momentum based on the idea that the bond market was vibrant. They could raise some money. Therefore they could compete.

Now what we are stuck with is the stock that was capped. So I can't tell you to put more money on Sprint.

Debra Borchardt:
Okay.

Jim Cramer:
Verizon, AT&T, once they yield 5.25...pounce.

Debra Borchardt:
Okay.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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