MoFo Steers Softbank In $20B Deal For Sprint Majority Stake

Law360, New York (October 15, 2012, 12:12 PM EDT) -- Japanese telecommunications giant Softbank Corp. will buy a 70 percent stake in Sprint Nextel Corp. in a deal worth $20.1 billion, the companies said Monday, ending speculation over the possibility of a buy and confirming Softbank's entry into the U.S. wireless market.

Of the total purchase price, $12.1 billion will be spread among Sprint stockholders and the remaining $8 billion in new capital will help shore up Overland Park, Kan.-based Sprint's balance sheet, the companies said. Softbank will pay $7.30 a pop for around 55 percent...
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