Softbank Confirms It Is Buying 70% Of Sprint For $20.1B, Creating World’s Third Largest Mobile Carrier By Sales

TechCrunch

Softbank has confirmed the news that it is buying Sprint, the third-largest wireless carrier in the U.S., for $20.1 billion (¥1.571 trillion). In fact, this is turning out to be full acquisition of what Softbank is calling “New Sprint.”: “As a result of the transaction SOFTBANK will own approximately 70% of the fully-diluted (as used herein, not giving effect to out-of-the-money options) shares of New Sprint (as defined below), which will own 100% of the shares of Sprint.” Softbank says that the combined company will be the world’s third largest in terms of revenues.

The news appears to have crashed the Sprint website. At least for now the site is only appearing in plain text and is taking time to load any updates, such as the link for the webcast (which it hastily announced at 2am Eastern time) to announce the news. That webcast is here.

Softbank’s announcement lays out…

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About derekwenn

A regular teenager with an interest in technology

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