A $26 billion merger between T-Mobile and Sprint was approved Tuesday by a federal judge. With the ruling, the deal has cleared a major regulatory hurdle and is expected to go through.
Sprint stock jumped 76% following the news. T-Mobile shares were up 10%.
Attorneys general from more than a dozen states had sued to block the deal. They argued the merger of the No. 3 and No. 4 U.S. wireless carriers would lead to higher prices for consumers.
Sprint and T-Mobile argued the merger would let them build a 5G network across the country. They said the deal was necessary to compete with Verizon and AT&T, the two largest U.S. carriers.