Softbank and Sprint have reportedly reached a deal in which Softbank will pay $20 billion for a 70 percent stake in Sprint. Boards of both companies have signed off on the deal with an official announcement expected Monday morning.
According to sources, Softbank will buy $8 billion in shares from Sprint directly and an additional $12 billion from investors. Shares will be sold to the Japanese wireless giant for $5.25 per share, a number that is above the current market value.
News of the deal follows a report late last week that Sprint was in talks for a Softbank acquisition. The Wall Street Journal later reported that instead of an acquisition, the agreement would be for a two-thirds stake in Sprint.
The combined Softbank, Sprint company will likely be a stronger competitor in the U.S. I also expect Sprint will start rolling out 4G LTE faster than its current pace, which is terribly slow.
It's also too soon to know what will happen to existing Sprint customers. Sprint is really the last operator here in the U.S. offering unlimited data, so?there's no telling if Softbank will continue that or kill it.
I'm sure will find out all the details tomorrow as Sprint is expected to announce the deal first thing. The Sprint, Softbank deal is expected to close in six months.
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