facebook
twitter
rss
account
search
search
 

SoftBank, Sprint Nextel deal completed

July 11, 2013 at 12:22 AM   |   Comments

TOKYO, July 11 (UPI) -- Japan's SoftBank Corp. announced the completion of its $21.6 billion acquisition of U.S. wireless carrier Sprint Nextel Corp. in Overland Park, Kan.

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.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
2
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
3
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
4
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
5
New GenDyn mission computers for Navy F/A-18s New GenDyn mission computers for Navy F/A-18s
Trending News
Video
x
Feedback