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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

Anthony Garreffa | Oct 15, 2012 at 12:39 am CDT (0 mins, 29 secs time to read)

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.

Softbank take a 70% stake in Sprint, hand over $20 billion | TweakTown.com

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.

Last updated: Apr 7, 2020 at 11:29 am CDT

NEWS SOURCE:engadget.com
Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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