News that SoftBank was completing its $21.6 billion takeover of Sprint Nextel (NYSE:S) led the stock to trade as much as 10% higher during the next trading session. Helping matters was both an upgrade of the stock and news that the wireless carrier would be offering new rate plans designed to keep customers for life. Sprint continues to work hard to differentiate itself from both Verizon (NYSE:VZ) and AT&T (NYSE:T) but has been playing catch up in terms of its network.

In the following video, Fool.com contributor Doug Ehrman discusses how both the deal and the rate plans may give Sprint the tools it needs to become a more serious contender in the space.

Fool contributor Doug Ehrman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.