SoftBank acquires Sprint for $20.1 billion

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Grand Master

Tech Star

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Sprint is being acquired by Japanese carrier SoftBank in a deal worth $20.1 billion, the company announced here at a press event in Tokyo. As previously reported, SoftBank will purchase $8 billion in newly-issued shares from Sprint along with $12.1 billion in existing shares, giving the company a 70 percent stake overall. Sprint confirmed late last week that negotiations were ongoing, but it appears that discussions were already at an advanced stage.

The transaction is expected to close in mid-2013, subject to a meeting of Sprint shareholders, and the usual FCC and antitrust approval, as well as SoftBank's ability to secure financing. In the event that it can't raise the necessary cash, the Japanese carrier will have to cough up $600 million in termination fees. Likewise, Sprint will have to pay the same $600 million if it gets a better offer, or $75 million if its shareholders don't approve the deal.

The two companies' combined subscriber base will be one of the largest in the world, and will have the third highest mobile service revenue of any company worldwide. In a press release, Sprint CEO Dan Hesse (who was in attendance) said of the acquisition:

?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.?

Hesse will become the CEO of New Sprint, a newly-constructed company which, between outstanding public shares and the 70 percent stake owned by SoftBank, will control 100 percent of the existing Sprint. As he took the stage, Hesse tried to allay the fears of those in attendance, saying, "we have a lot of lawyers and their core competency is adding words to everything." He moved on to discuss Sprint's market position ? it's the third largest postpaid and second largest prepaid operator in the US, before pointing out that the company is first place in revenue growth and average revenue per customer (ARPU) growth. Moving on to the benefits of the deal, the CEO said Sprint will gain an extra $8 billion in equity financing to do things like build out its 4G LTE network and improve its balance sheet. The timing of the investment is key, said the CEO, at a time when Sprint is financially constrained in its ability to improve its networks.

Read More: Sprint

Grand Master

Astra.Xtreme

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Well that's good news. Sprint's data service is pretty much un-usable anywhere in this country.

If anything, they should shut down the unlimited service, which would prevent all the people from tethering their entire house to their phone.

Regardless, I'm switching to Verizon come July. No reason for me to pay Sprint for a data service that barely works. Maybe I'll come back in a few years when they start improving things.

Grand Master

Blackhearted

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Well that's good news. Sprint's data service is pretty much un-usable anywhere in this country.

If anything, they should shut down the unlimited service, which would prevent all the people from tethering their entire house to their phone.

Regardless, I'm switching to Verizon come July. No reason for me to pay Sprint for a data service that barely works. Maybe I'll come back in a few years when they start improving things.

Yes, let's punish ALL for the actions of some. :rolleyes:

  • The Laughing Man and Richteralan
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Grand Master

Astra.Xtreme

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Yes, let's punish ALL for the actions of some. :rolleyes:

Well the people abusing the service are the ones ruining it for everybody else. The lesser of two evils would be to make a tiered system just like every other carrier.

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