Softbank to Acquire 70% Share of Sprint for 20.1 Billion USD
It’s official, the Japanese company Softbank is acquiring 70% of Sprint for $20.1 Billion USD. Softbank will pay 12.1 billion for existing shares and another 8 billion dollars for new shares that Sprint will be issuing. Sprint stands to net about 3 Billion from the buyout, and shares for Sprint have already increased $0.35 to $2.67 in anticipation of the acquisition. It looks like a win-win for current shareholders and Sprint customers, as Sprint will likely be reinvesting part of the money to acquire more share of Clearwire – a 4G wireless internet company. Sprint already owns 48.1% share of Clearwire – the largest share.