On October 11th, MMi reported that Japan's Softbank had entered into talks that could result in the majority takeover
of Sprint Nextel. On Monday, we can now confirm these plans.
Softbank, Japanís third-largest mobile-phone company, will purchase a whopping 70 percent of Sprint Nextel in a deal purportedly worth just north of $20 billion.
"The agreement announced Monday at a joint news conference in Tokyo by Softbank President Masayoshi Son and Sprint Chief Executive Dan Hesse, will bring together the third biggest mobile carriers of both Japan and the U.S., underlining the growth ambitions of Softbank, which has made a series of acquisitions over the last couple of decades."
Source: LA Times