SoftBank Closes Equity Acquisition of Sprint
Jul 11, 2013, 7:57 AM by Eric M. Zeman
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.
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