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

Advertisement

Recent Reviews

Origin PC Millennium

When it comes to PC gaming, there are two basic routes you can take. You can choose to purchase a built-to-order machine from one of t ...

Jorno Bluetooth keyboard and stand

The Jorno Bluetooth keyboard and stand for tablets certainly looks nice. The gunmetal grey shell of the keyboard looks great while the ...

Apple 12-inch Retina MacBook

It is an exciting time for consumer technology, with gadgets and devices that once used to the stuff of dreams now coming to fruition. ...

Advertisement

toggle

Most Commented

 
toggle

Popular News