Sprint to Drop 'Nextel' Name, Says No Lay-Offs Planned
Sprint has revealed via filings with the Securities and Exchange Commission that it is not planning to lay off any employees as part of its financing deal with Japan's Softbank. Softbank announced last month its intent to purchase a 70% stake in Sprint. Sprint does not expect that there will be any material changes for its existing employee base as the transaction takes place. Also in the SEC filings, Sprint said it intends to officially drop "Nextel" from its legal name (Sprint Nextel Corporation), and will use just "Sprint" (Sprint Corporation) moving forward. Sprint and Softbank expect the transaction to close by the middle of 2013.
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.
SoftBank to Trim Thousands of Jobs at Sprint
Masayoshi Son, CEO of SoftBank, said the company plans to eliminate thousands of jobs at Sprint in order to reduce costs and aid in the company's turn-around plans. Son made the comments while discussing SoftBank's financial performance, which was impacted negatively by Sprint.
Sprint Settles Lawsuit Over Nextel Merger for $131 Million
Sprint today settled a class-action lawsuit regarding its 2005 acquisition of Nextel for $131 million. Investors claim Sprint executives defrauded shareholders by inflating stock and bond prices after Sprint closed its acquisition of Nextel.