Posted by: youngragingbull | October 15, 2012

Word on the Street: Softbank to buy 70% of Sprint for $20.1B

Softbank Corp. announced Monday that it has agreed with Sprint Nextel Corp. to acquire a 70% stake in the U.S. mobile carrier for roughly $20.1 billion.

Under the definitive agreement, Softbank will pay about $12.1 billion to Sprint’s existing shareholders, and invest another $8 billion in new capital to “strengthen Sprint’s balance sheet.”

The transaction, which has been approved by the boards of both companies, is expected to close by mid-2013.

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