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Softbank take a 70% stake in Sprint, hand over $20 billion

Softbank will hand over $20 billion to Sprint for a 70% stake in the company
| Business, Financial & Legal News | Posted: Oct 15, 2012 5:39 am

CNBC are reporting that Softbank are looking to take a 70% stake in Sprint, which will cost them a hefty $20 billion. Citing people familiar with the matter, Softbank will purchase $8 billion in shares directly from Sprint.

 

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The additional $12 billion will come from stock at $5.25 per share from other shareholders. The firm will net Sprint $3 billion which the telco could use to regain control of Clearwire.

 

Softbank's cash could also go toward Sprint's ongoing LTE rollout, which is set to speed up 20 markets in the near future. We should hear more details on the mammoth deal tomorrow.

NEWS SOURCES:Engadget.com

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