Softbank To Acquire 70% Stake In Sprint For $20.1B

Softbank (OTC:

) agreed to buy around 70% stake in Sprint Nextel (NYSE:

) for about $20.1 billion. The transaction has been approved by the boards of both companies. The deal is likely to close by mid-2013. Sprint shares closed at $5.73 on Friday, while Softbank shares closed at $31.40 on Friday.