Disqus
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]
About The Author
Kelly Hodgkins
Kelly spent the last four years covering mobile technology at places like BGR, Gizmodo and The Unofficial Apple Weblog. Before writing, she spent a few years working with and teaching others how to use Adobe Flash and Macromedia Director. Even earlier than that, she spent several years as a Ph.D student in Microbiology. When she's not writing, she can be found fishing the lakes and hiking the mountains of Western Maine with her husband and tribe of children. You can follow her on Twitter @kellyhodgkins.
-
Ayc168
