|SoftBank agrees $20.1bn Sprint deal|
SoftBank, the Japanese telecoms group, has agreed to pay $20.1bn to
acquire a 70 per cent stake in US counterpart Sprint Nextel, which will
create the world’s third largest mobile phone operator. |
In a deal that will reshape the US wireless industry, SoftBank chief executive Masayoshi Son will gain control of the third-largest US wireless operator by subscribers, giving him influence over the future of the industry at a time when every big operator is scrambling for spectrum.
SoftBank will pay $12.1bn to Sprint shareholders and $8bn will be used to strengthen the finances of the US group, the Japanese company said on Monday after announcing the deal.
Shares in the Japanese company fell 5.3 per cent in heavy trading in Tokyo on Monday.
Monday, October 15, 2012
SoftBank agrees $20.1bn Sprint deal
Posted by Michele Kearney at 9:18 AM