SoftBank Closes Equity Acquisition of Sprint
Sprint and SoftBank announced that they have completed SoftBank's equity acquisition of Sprint. The deal was first announced in October 2012 and received approval from the Federal Communications Commission as recently as last week. SoftBank paid Sprint shareholders $21.6 billion to gain approximately 78% of Sprint. Sprint's existing shareholders retain control over 22% of the company. The new publicly traded company is called Sprint Corporation. Dan Hesse remains at the new company's helm as CEO, though SoftBank's CEO, Masayoshi Son, will serve as Chairman of the Sprint Corporation board of directors.
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 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 Woes Weigh on SoftBank CEO Masayoshi Son
SoftBank's plans for Sprint have not unfolded as CEO Masayoshi Son hoped. Son initially believed a merger with competitor T-Mobile would serve the carrier, but was dismayed when U.S.
Super excited to see Sprint take off!!! Cant wait to see what happens.
I predict huge changes from Sprint all around. Lets see if they can capitalize.