Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Under the revised deal:

  • SoftBank will agree to reduce its stake, trading approximately 11 Sprint shares for each T-Mobile share, up from the originally agreed-upon 9.75 shares.
  • Other shareholders will get the original fixed exchange ratio of 0.10256 T-Mobile shares for each Sprint share, or the equivalent of approximately 9.75 Sprint shares for each T-Mobile share.
  • Upon close, Deutsche Telekom is expected to hold about 43% of shares, SoftBank about 24% and public shareholders about 33%.
  • The company said the revisions will have "no impact" on the cost savings, long-term profitability or cash generation expected under the merger.

Under the revised deal, SoftBank can get back some of its previously surrendered shares if T-Mobile reaches certain stock price targets.

The bigger picture: The new deal comes after a judge rejected a challenge from a number of states that had sought to block the deal on antitrust grounds.

California's Public Utilities Commission still has to approve the deal, while a judge also must sign off on a settlement reached with the Justice Department. That settlement will see the combined company sell some of its prepaid assets to Dish Network.

Go deeper

Caitlin Owens, author of Vitals
16 mins ago - Health

The coronavirus is starting to crush some hospitals

Illustration: Aïda Amer/Axios

Some states are seeing dangerous levels of coronavirus hospitalizations, with hospitals warning that they could soon become overwhelmed if no action is taken to slow the spread.

Why it matters: Patients can only receive good care if there's enough care to go around — which is one reason why the death rate was so much higher in the spring, some experts say.

Scoop: The Lincoln Project is becoming a media business

Illustration: Eniola Odetunde/Axios

The Lincoln Project is looking to beef up its media business after the election, sources tell Axios.

Driving the news: The group recently signed with the United Talent Agency (UTA) to help build out Lincoln Media and is weighing offers from different television studios, podcast networks and book publishers.

Trump, Biden strategies revealed in final ad push

Data: Bully Pulpit Interactive; Chart: Danielle Alberti/Axios

President Trump is pouring hundreds of thousands of dollars into Facebook ads on the Supreme Court and conservative judges in the final stretch of his campaign, while Joe Biden is spending over a million on voter mobilization, according to an analysis by Axios using data from Bully Pulpit Interactive.

The big picture: Trump's Facebook ad messaging has fluctuated dramatically in conjunction with the news cycle throughout his campaign, while Biden's messaging has been much more consistent, focusing primarily on health care and the economy.