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Softbank and Sprint plan acquisition

Softbank is to acquire Sprint.

15 October 2012

Softbank has unveiled its plans to purchase Sprint Nextel Corporation.

The two firms have been in sales negotiations and have entered definitive agreements that will see Softbank invest an estimated $20.1 billion (£12.5 billion) in Sprint.

Boards of directors from both enterprises have given the go-ahead to the transaction, although it is still subject to the approval of regulators and Sprint shareholders.

The acquisition is scheduled to occur in the middle of 2013 and should see Softbank become one of the world's largest mobile internet companies.

Chief executive officer and chairman of Softbank Masayoshi Son said combining the local leadership and strong brand of Sprint with his firm's "track record of innovation" should help to improve competition within the American mobile sector.

Sprint chief executive officer Dan Hesse called the deal a "transformative transaction for Sprint that creates immediate value for our stockholders".

In the second quarter of 2012, 56 million customers used Sprint Nexel services.

Posted by David Gleck

Source: Softbank press release, October 15th

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