SoftBank said on its website it acquired 72 percent of Sprint shares at $7.65 a share in cash and the remaining shares were converted into shares of a new publicly traded entity named Sprint Corp. The new Sprint common shares will be listed on the New York Stock Exchange.
SoftBank, based in Tokyo, said its holding company in the United States now owns 78 percent of the shares in the new Sprint.
The merger will create the world's third-largest mobile phone carrier.
SoftBank Chief Executive Officer Masayoshi Son will become chairman of the new company's board of directors. Dan Hesse will stay as Sprint chief executive officer, Kyodo News reported.