Sprint's stock is in the double digits for the first time since 2014

Sprint's stock surged 6% and moved back into double digit territory after T-Mobile announced late Thursday that the two companies had tweaked the terms of their merger deal.

T-Mobile shareholders will now get about 11 shares of Sprint each in exchange for one share of T-Mobile. That's up from the previously-agreed ratio of 9.75 shares, and a plus for T-Mobile's top investor, Germany's Deutsche Telekom.

It's a rare win for beleaguered Japanese tech investing giant SoftBank as well.

SoftBank, which has stumbled due to such investments as WeWork, Uber, Slack and other floundering tech unicorns and is now under pressure from activist Elliott Management to shake things up, currently owns 84% of Sprint.

After the merger is completed, Deutsche Telekom and SoftBank will be the largest owners of the new T-Mobile, with approximately 43% and 24% stakes in the company respectively.

T-Mobile and Sprint are finally set to close their deal after a federal judge approved the merger earlier this month and New York Attorney General Letitia James, who was leading a group of states that sought to block the merger, said she would not appeal the decision.

Once the deal is completed, the new T-Mobile will immediately become a much bigger competitor for Verizon and CNN parent company AT&T -- as well as cable giants Comcast and Charter.

"We are on the verge of being able to do what we've set out to do from day one -- reshape a broken wireless industry and create the new standard for consumers when it comes to value, speed, quality and service," said T-Mobile president Mike Sievert.

Sievert is set to become CEO of the combined company in May, succeeding long-time T-Mobile CEO John Legere.