According to Business Insider, “If a deal with the same terms had been approved in October, Sprint shareholders would’ve held 30% of the new entity, compared with just 27% outlined in the new agreement. When applied to the $146 billion value of the combined company, that’s a difference of $4.4 billion. On a percentage basis, it comes out to a 10% difference when you consider that since talks ended last year, Sprint has fallen 7%, and T-Mobile has climbed 3%.”

Related: Time to Dial up Telecom ETFs?

Let’s take a look at how ETFs with join exposure to Sprint and T-Mobile are being affected as of 1 p.m. Eastern time.

3 ETF with joint exposure to Sprint and T-Mobile React to Merger

  1. iShares US Telecommunications ETF (IYZ) with a 4.85 weighting of Sprint and a 6.25% weighting of T-Mobile is down 1.47%.
  2. US Vanguard Telecommunication Services ETF (VOX) with a 2.87 weighting of Spring and a 4.13% weighting of T-Mobile is down 2.52%.
  3. US Fidelity MSCI Telecommunication Services Index ETF (FCOM) with a 2. 28% weighting of Sprint and a 4.08 weighting of T-Mobile is down 2.55%.

Approval from Anti-Trust Regulators

The two will also have to get approval from antitrust regulators which could be hard after the Trump administration came down critically of the mega-acquisition of Time Warner by AT&T.

To make matters worse, since the merge was announced, Sprint stock plummeted more than 10% in premarket trading on Monday.

By combining, T-Mobile will become the nation’s third-largest mobile carrier service, following Verizon Wireless and AT&T, which rank first and second, respectively.

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