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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

52 mins ago - Health

Study: Common antidepressant guards against COVID hospitalization

A COVID-19 intensive Care Unit in Rio De Janeiro, Brazil on May 27, 2021. Photo: Fabio Teixeira/Anadolu Agency via Getty Images

The readily available antidepressant fluvoxamine significantly reduced COVID-related hospitalizations, according to a large study published Wednesday.

Why it matters: The clinical trial suggests that a cheap, readily available drug could dramatically reduce serious illness and death when prescribed early.

By the numbers: Catholics, Biden and abortion

Expand chart
Reproduced from Pew Research Center; Chart: Axios Visuals

President Biden — the second Catholic U.S. president — will meet with Pope Francis at the Vatican on Friday, as some church leaders debate whether to deny Holy Communion to politicians who support abortion rights.

By the numbers: Overall, two in three U.S. Catholics believe Biden should be allowed to take Communion despite his stance on abortion, according to polling by Pew Research Center.

Texas House probes school library books dealing with race and sexuality

Photo: Brittany Murray/MediaNews Group/Long Beach Press-Telegram via Getty Images

Texas state Rep. Matt Krause, chair of the Texas House Committee on General Investigating, announced Wednesday that he's initiating a probe into schools' library books, according to a letter sent to the state's education agency and other superintendents.

Why it matters: The probe focuses on books that discuss race, sexuality or "make students feel discomfort, guilt, anguish or any other form of psychological distress because of their race or sex," Krause wrote in the letter.