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Sprint, SoftBank Complete Merger

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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

 

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