Sprint rose 8.3% to $8.49, and T-Mobile gained 5.3% to $31.74 Wednesday.
According to Dealreporter Sprint will gain financing from JPMorgan, Citigroup, and Bank of America-Merrill Lynch. Depending on deal conditions the financing could be lowered to $40 billion.
Sprint reportedly wants to have a deal in place before its earnings report next week.
Sprint chairman Masyoshi Son met with FCC chairman Tom Wheeler Tuesday, and the two likely discussed the potential merger with T-Mobile. Earlier Wednesday the FCC signaled such a merger would face major obstacles, and may not be approved.
The U.S. Department of Justice previously suggested it would not approve such a merger.
Sprint, JPMorgan, Citigroup, and Bank of America-Merrill Lynch have not yet responded to TheStreet's requests for comment.