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SoftBank to acquire 70% of Sprint

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Sprint announced today that Japanese telecommunications company SoftBank has bought a 70% stake in the third-largest carrier in the United States.б═SoftBank will be investing a total of $20.1 billion in Sprint, $12.1 billion to be distributed to Sprint stockholders and $8.0 billion of new capital to strengthen SprintБ─≥s balance sheet.

Through this transaction, approximately 55% of current Sprint shares will be exchanged for $7.30 per share in cash, and the remaining shares will convert into shares of a new publicly traded entity, New Sprint. Following closing, SoftBank will own approximately 70% and Sprint equity holders will own approximately 30% of the shares of New Sprint on a fully-diluted basis.

Sprint CEO, Dan Hesse, said, Б─°This is a transformative transaction for Sprint that creates immediate value for our stockholders, while providing an opportunity to participate in the future growth of a stronger, better capitalized Sprint going forward. Our management team is excited to work with SoftBank to learn from their successful deployment of LTE in Japan as we build out our advanced LTE network, improve the customer experience and continue the turnaround of our operations.Б─²


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