Printed from http://www.electronista.com

Softbank to buy 70 percent share in Sprint [u]

updated 05:15 am EDT, Mon October 15, 2012

Japanese carrier to pay $20 billion for Sprint share

(Updated) Japanese carrier Softbank has confirmed it is buying a 70 percent stake of US carrier Sprint for $20 billion. A joint press conference between the two carriers saw Sprint CEO Dan Hesse and Softbank's Masayoshi Son confirm the purchase. Observers expect Softbank to attempt to turn its successes in the Japanese 4G LTE market into matching successes on US shores.

CNBC reports that Softbank will be buying $8 billion worth of Sprint shares directly from Sprint and tendering for another $12 billion worth of shares from existing holders. The company is currently offering $5.25 per share, a premium over Sprint's current price.

Softbank is said to be hoping to build on Sprint's spectrum position, with the goal of acquiring more spectrum and other operators as time goes on. The deal, as it is currently structured, does not require a stockholder vote, and it is expected to be completed in about six months.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Tablo DVR

With over-the-top content options growing past Hulu and Netflix, consumers may be finding it harder to justify paying a monthly fee fo ...

Sound Blaster Roar Bluetooth speaker

There could very well be a new king of the hill for Bluetooth speakers, with Sound Blaster's recent entry into the marketplace. Bringi ...

Kenu Airframe Plus

Simple, stylish and effective, the Kenu Airframe + portable car mount is the latest addition to Kenu's lineup. Released earlier this y ...

Sponsor

toggle

Most Commented

 
toggle

Popular News