SoftBank Completes $21.6B Takeover Of Sprint Nextel

Law360, Los Angeles (July 10, 2013, 9:17 PM EDT) -- Japan’s SoftBank Corp. announced Wednesday the completion of its $21.6 billion takeover of Sprint Nextel Corp., acquiring approximately 72 percent of current Sprint shares for $7.65 per share in cash and converting the remainder into shares of a new publicly traded entity named Sprint Corp.

The announcement comes the same week as Clearwire Corp. shareholders voted overwhelmingly to approve a sweetened $3.6 billion takeover by Sprint. Sprint will pick up the 49.8 percent stake in Clearwire that it does not already own, making Clearwire a wholly...
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