Japan's Softbank snaps up Sprint in $20 billion deal

Japanese mobile operator Softbank Corp said it will buy about 70 percent of Sprint Nextel Corp, the third-largest U.S. carrier, for $20.1 billion - the most a Japanese firm has spent on an overseas acquisition.

The deal, announced by Softbank's billionaire founder and chief Masayoshi Son and Sprint Chief Executive Dan Hesse at a packed news conference in Tokyo on Monday, gives Softbank entry into a U.S. market that is still growing, while Japan's market is stagnating.

Part of the deal is a direct infusion of billions of dollars into Sprint, giving it the firepower to buy peers and build out its 4G network to compete in a market dominated by AT&T Inc and Verizon Wireless.

Read Full Article from Reuters

- Posted: 2012-10-15 12:42:04

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