Post by Forever Sunshine on Oct 15, 2012 10:37:38 GMT -5
Japan's Softbank has agreed to buy 70 percent of Sprint for $20.1 billion, giving the struggling U.S. cellphone company an infusion of cash and confidence.
The deal, announced Monday in Tokyo, positions Overland Park, Kan.-based Sprint Nextel Corp. as a stronger competitor to market leaders Verizon Wireless and AT&T.
Softbank Corp. is the No. 3 cellphone company in Japan, but has a better track record. Originally a holding company with investments in Internet and telecom businesses, it bought Vodafone Japan in 2005 and turned it around. Softbank President Masayoshi Son said he is confident he can help improve Sprint's profits.
abcnews.go.com/Technology/wireStory/report-sprint-reaches-deal-japans-softbank-17477226#.UHwtHW_oSpA
The deal, announced Monday in Tokyo, positions Overland Park, Kan.-based Sprint Nextel Corp. as a stronger competitor to market leaders Verizon Wireless and AT&T.
Softbank Corp. is the No. 3 cellphone company in Japan, but has a better track record. Originally a holding company with investments in Internet and telecom businesses, it bought Vodafone Japan in 2005 and turned it around. Softbank President Masayoshi Son said he is confident he can help improve Sprint's profits.
abcnews.go.com/Technology/wireStory/report-sprint-reaches-deal-japans-softbank-17477226#.UHwtHW_oSpA
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