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07-11-2013, 01:05 AM #1
SoftBank Now Firmly in Control of Sprint After $21.6 Billion Deal
Sprint recently announced that it has successfully completed a deal with Japanese telecommunications and Internet services giant Softbank. The Japanese company now officially owns a controlling 78% stake of the U.S. wireless carrier. As mentioned previously, Sprint closed a deal worth roughly $21.6 billion with SoftBank.
Under the new terms, Sprint CEO Dan Hesse will retain his position while the head of SoftBank, Masayoshi Son, will take on the role of Chairman. SoftBank’s U.S. lead Ronald Fisher is said to become Sprint’s Vice Chairman as a result of the merger. The deal brings an end to a lengthy takeover process which previously staged a war between both SoftBank and Dish, as well as a separate issue regarding Sprint’s purchase of Clearwire.
SoftBank first showed interest in Sprint starting last October but the recent news was expected as the U.S. Federal Communications Commission gave the green light for the three-way merger between Clearwire, Sprint and SoftBank just last week.
We’ll have to wait and see what changes the merger brings for Sprint consumers but it should be safe to say that better service may be one of them (as the company has acquired Clearwire).