SoftBank acquires 70% stake in Sprint

Japanese corporation SoftBank (including offers mobile services under the brand name SoftBank Mobile) and the North American mobile operator Sprint Nextel Corporation announced the signing of a series of definitive agreements, which SoftBank invests about $ 20.1 billion in the Sprint, of which 12, $ 1 billion will be spent on the acquisition of 70% of the shares, and the remaining $ 8 billion - to strengthen the balance of Sprint.

The deal was approved by both boards of directors - SoftBank and Sprint. Completion of the transaction is subject to a positive decision by shareholders Sprint, regulatory approvals, as well as other closing conditions. The companies expect to close the merger by mid-2013.

After closing, the headquarters of Sprint would still located in Overland Park, Kansas. New board of directors Sprint will include 10 chlenv, including at least three members of the Board of Sprint. Acting Executive Director of Sprint, Daniel Hesse (Daniel Hesse) will continue its work in the same office and the updated Sprint as a new board member.