Softbank Acquires 70% of Sprint for $20 Billion
Softbank, a Japanese cellphone carrier, has acquired a 70% stake in Sprint Nextel for $20 billion, reports BusinessInsider.
The deal is expected to be announced Monday morning and while certain details are still being worked out, the boards of both companies have signed off on a transaction under which Softbank will buy $8 billion worth of shares directly from Sprint and tender for another $12 billion worth of the shares from existing holders.
The price of the tender offer is $7.30 a share, a large premium to Sprint's current price. Given the deal's structure, it will not require a shareholder vote.
More details on the acquisition can be found at the link below...