Market Overview

Sprint, SoftBank Complete Merger

Related S
Benzinga's M&A Chatter for Thursday August 28, 2014
Markets Little Changed In Low Volume And Slow News Ahead Of Long Weekend
Corporations Looking to Startups for Innovation (Fox Business)

Sprint Nextel Corporation (NYSE: S) (“Sprint”) and SoftBank Corp. (OTC: SFTBY) today announced the completion of their merger
whereby SoftBank has invested approximately $21.6 billion in Sprint,
consisting of approximately $16.6 billion to be distributed to Sprint
stockholders and an aggregate $5 billion of new capital ($1.9 billion at
closing) to strengthen Sprint's balance sheet. Sprint stockholders voted
to approve the transaction at a special meeting of stockholders held on
June 25, 2013.

Through this transaction, approximately 72 percent of current Sprint
shares are being acquired by SoftBank for $7.65 per share in cash, and
the remaining shares are being converted into shares of a new publicly
traded entity named Sprint

See full press release

Posted-In: News Guidance Contracts Asset Sales Management M&A Global

 

Related Articles (S + SFTBY)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters