Sprint confirmed in a press release that Softbank will acquire a majority percent stake in the wireless carrier. As part of the deal, Softbank will invest $20 billion into Sprint; $12 billion will go to investors and $8 billion will be used to improve the company’s balance sheet. When all is said and done, Softbank will own 70 percent of Sprint, while the remaining 30 percent will stay in the hands of equity holders. Sprint intends to use this money and Softbank’s expertise in mobile broadband technology to build out its LTE network. The deal is expected to close in 2013.
[Via Softbank]