/// It’s Official: SoftBank Links Up With Sprint in $20 Billion Deal

October 15, 2012  |  All Things Digital

Sprint said on Monday that Japan’s SoftBank is paying $20 Billion to take a 70 percent stake in the No. 3 U.S. carrier. The deal includes $12.1 billion to be paid to Sprint shareholders and an $8 billion in new capital for the carrier. Both companies’ boards have approved the deal, SoftBank said in a press release. Sprint had said on Sunday that news was coming and last week confirmed talks with SoftBank. The deal is the second major transaction in the U.S. cellular industry after T-Mobile USA struck a deal earlier this month to acquire MetroPCS in a stock and cash deal . A Webcast is just getting under way. AllThingsD will have live coverage. 1:11 am : SoftBank CEO Masayoshi Son is speaking, talking about where Sprint is today. 1:13 am : With the deal, SoftBank will have 96 million customers in U.S. and Japan, bringing the company closer to the size of AT&T and Verizon, though it will still have far fewer customers than the two U.S. leaders. 1:18 am : SoftBank won’t be using stock for the deal, meaning no dilution for existing SoftBank shareholders, Son said. The deal values Sprint shares at $7.30 a share, with current shareholders able to receive either cash or one share in the new company. There is a $600 million break-up fee due the other party if Sprint accepts a better offer or if SoftBank doesn’t get the financing needed to complete the deal

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It’s Official: SoftBank Links Up With Sprint in $20 Billion Deal

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