Japans Softbank to Acquire Majority Stake in Sprint for $20B [REPORT]

Japanese telecom and Internet provider Softbank has reached an agreement to purchase a 70% stake of Sprint for $20 billion, according to multiple reports.

Citing "people close to the situation," CNBC says Softbank 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 55,000 subscribers and is the third-largest mobile phone carrier in the U.S.

The deal is expected to be announced as early as Monday morning, CNBC and The Wall Street Journal reported.

News of a potential acquisition first surfaced on Fri…
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