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October 15, 2012 07:27 am GMT

Japans Softbank Buys Majority of Sprint for $20 Billion [UPDATED]


Japanese telecom and Internet provider Softbank has reached an agreement to purchase a 70% stake of Sprint for $20 billion, it was announced Monday.

Softbank says it has agreed to purchase $8 billion in shares for $5.25 each directly from Sprint, and another $12 billion in shares from existing stockholders for $7.30 per share. Shares of Sprint closed at $5.73 on Friday.

Sprint has approximately 55 million subscribers and is the third-largest mobile phone carrier in the U.S. Combined, the companies would have 96 million users.

News of a potential acquisition first surfaced on Friday.

The deal is a risky one for Softbank. Sprint posted a $1.4 billion loss last quarter, the late…
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Original Link: http://feeds.mashable.com/~r/Mashable/~3/6t9fjb4Vs7s/

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