SoftBank – Completed to acquire America’s 3rd-largest mobile carrier, Sprint Nextel Corporation
SoftBank today announced the completion of acquisition of the America’s 3rd-largest mobile carrier, Sprint Nextel Corporation.
SoftBank spent $21.6 billion to gain 78% of the new Sprint’s shares. In accordance with the transaction, Sprint has been renamed Sprint Communications, Inc., and Masayoshi Son, Chairman & CEO of SoftBank became Chairman of the Sprint Corporation.
SoftBank said that they plan to invest approximately $16 billion in new Sprint for their LTE network during the next 2 years to make them competitive with Verizon and AT&T.