SoftBank completes $21.6B deal with Sprint Nextel

Jul 11, 2013

Sprint Nextel, the third largest U.S. wireless carrier, is now under the control of the Japanese investment firm SoftBank.

The change occurred late Wednesday when Softbank Corp. completed a $21.6 billion investment in Sprint Nextel Corp.

The cash-and-stock deal gives SoftBank a 78 percent stake in Sprint Nextel. SoftBank had been vying against Satellite TV operator Dish Network Corp. to gain control of Sprint Nextel, which is based in Overland Park, Kan.

Dish abandoned its $25.5 billion bid to buy Sprint Nextel in its entirety last month. Sprint Nextel had favored the SoftBank deal.

As part of the new ownership, Sprint Nextel is changing its name to Sprint Corp. Its remaining publicly traded stock will be listed on the New York Stock Exchange under the ticker symbol "S."

Explore further: Japan says electronics OK during take-off and landing

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Sprint to listen to Dish offer

May 21, 2013

Wireless company Sprint Nextel Corp. says it can now let Dish Network Corp. see its books and talk with Dish to see whether its competing offer to buy Sprint is better than its current deal with Japan's SoftBank.

Recommended for you

Jumping into streaming TV

13 hours ago

More TV viewers are picking up so-called streaming media boxes in the hope of fulfilling a simple wish: Let me watch what I want when I want.

User comments : 0