SoftBank and Sprint make a $20 Billion Deal

Posted on October 15, 2012 at 6:10 PM

Sprint Nextel is selling 70 percent of its stock to a leading Japanese telecommunications company, SoftBank. The $20 billion deal consists of a a newly issued Sprint stock that worth $8 billion as well as a $12.1 billion existing stock from other Sprint investors at a premium. Many analysts were surprised by the deal as SoftBank in recent years has been focusing more on deals closer to home. The transaction is expected to close in mid 2013s. If completed, the deal will represent the largest overseas acquisition by a Japanese firm. Morrison & Foerster and Skadden, Arps, Slate, Meagher & Flom acted on behalf of SoftBank Corp while Skadden represented Sprint.

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