Japan’s SoftBank Acquires Sprint Nextel Corp

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October 15, 2012, Tokyo, Japan – SoftBank Corp. President Masayoshi Son (L) shakes hands with Dan Hesse, president and CEO of the Sprint Nextel Corporation, at the end of their media conference in Tokyo on Monday, October 15, 2012. Son announced that Japanese mobile Internet company SoftBank has reached a deal to acquire Sprint Nextel Corp., the third-largest mobile carrier in the U.S. for $20 billion. The deal enables SoftBank to establish an operating base as one of the largest mobile Internet companies in the world, with combined mobile telecom service revenues that will rank it third amongst global operators. SoftBank aims to enhance Sprint’s competitiveness in the U.S. and the deal includes $8 billion of new capital for the U.S. carrier. The companies expect the closing of the transaction to occur in mid-2013 pending regulatory approvals. (Photo by Yusuke Nakanishi/AFLO)

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October 15, 2012, Tokyo, Japan – President Masayoshi Son of Japan’s SoftBank announces a deal his company has reached with American wireless operator Sprint Nextel Corp. during a presentation in Tokyo on Monday, October 15, 2012. Sharp Corp. announced that it is. SoftBank and Sprint, the third-largest mobile phone companies in Japan and U.S.respectively, have reached the agreement under which the Japanese mobile company pays $20 billion to acquire a 70% stake in the U.S. cellular phone company, thus creating one of the the leading communications groups in the world with a total of 90 million mobile phone subscriptions. (Photo by Natsuki Sakai/AFLO)