Sprint Confirms Softbank Talks
Sprint today confirmed earlier reports that it is holding discussions with Japan's Softbank. Sprint did not describe the talks as pertaining to an acquisition. Rather, it said Softbank may make a "potential substantial investment" in Sprint. In a statement, Sprint said, "Although there can be no assurances that these discussions will result in any transaction or on what terms any transaction may occur, such a transaction could involve a change of control of Sprint. Sprint does not intend to comment further unless and until an agreement is reached." Softbank is the third-largest wireless network operator in Japan, behind NTT DoCoMo and KDDI.
SoftBank Looking to Raise $18B with Wireless Unit IPO
SoftBank Group, the parent company of Sprint, is weighing whether or not to offer shares in its own Japan-based wireless company. Under the direction of CEO Masayoshi Sun, SoftBank has transformed itself in recent years into an investor in technology companies.
SoftBank Sinks More Money Into Sprint
SoftBank has been snapping up shares of Sprint, increasing its stake recently by as much as $87 million. Despite SoftBank CEO Masayoshi Son's misgivings about the overall acquisition of Sprint, SoftBank said it "is enthusiastic about Sprint's prospects.
SoftBank Invests Another $73 Million in Sprint
SoftBank has purchased yet more shares of Sprint stock, boosting its stake in the company to just over 80%. SoftBank shelled out $73 million for about 16.8 million shares.
SoftBank, Sprint Majority Owner, to Split In Two
SoftBank today revealed a plan to separate itself into two separate companies, one for its Japan-based carrier business and another for its international operations, including Sprint. SoftBank's domestic business unit, which includes investments in Yahoo Japan, will be run by Ken Miyauchi.
Sprint reportedly agrees to sell 70 percent stake to Softbank
Both companies' respective boards have approved the deal, which is expected to be announced tomorrow, sources tell CNBC. Under the deal, Softbank will buy $8 billion in stock directly from Sprint, with another $12 billion purchased from existing stockholders.
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The only overlap with Sprint would be Clearwire's TDD-LTE network.