Sprint (S) Stock Rises On T-Mobile (TMUS) Deal News

NEW YORK (TheStreet) -- Sprint Nextel  (S) shares are up 2.9% to $9.47 on Thursday following reports that the telecom company's parent company, Softbank Corp (SFTBY), had come to terms on an agreement to buy T-Mobile  (TMUS) from Deutsche Telekom AG (DTEGY).

Deutsche Telekom has declined to comment on the reports so far, but Japanese news agency Kyodo is reporting that Deutsche Telekom accepted a bid from Softbank for its controlling share of T-Mobile, citing industry sources.

Must ReadWarren Buffett's 25 Favorite Stocks 

Sprint and T-Mobile are the third and fourth largest mobile carriers in the United States and thus would need to clear FCC regulatory hurdles before any deal could be consummated.

T-Mobile shares are also up 2.1% in trading today.

S Chart

S data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Apple and GE Switch Roles; Musk's Super Control of Tesla Explained -- ICYMI

Apple and GE Switch Roles; Musk's Super Control of Tesla Explained -- ICYMI

Trump May Be More to Blame For Higher Oil Prices Than OPEC

Trump May Be More to Blame For Higher Oil Prices Than OPEC

Dow Falls Over 200 Points as Apple's Slump Offsets Gains in General Electric

Dow Falls Over 200 Points as Apple's Slump Offsets Gains in General Electric

Week Ahead: Major Earnings on Tap as Wall Street Readies for Geopolitical Moves

Week Ahead: Major Earnings on Tap as Wall Street Readies for Geopolitical Moves

3 Hot Reads From TheStreet's Top Premium Columnists

3 Hot Reads From TheStreet's Top Premium Columnists