Japanese carrier SoftBank allegedly paying $20 billion for 70 percent stake in SprintAlex Wagner - Deputy Managing Editor, News Desk
Just a few days after we learned that Japanese carrier SoftBank was in talks to make a "substantial investment" in Sprint, a new report has surfaced claiming that an agreement has been reached. Sources speaking to CNBC claim that the deal between the two operators will see SoftBank pay $20 billion for a 70 percent stake in Sprint. Some of the specifics of the deal are reportedly still being ironed out, but it's said that SoftBank will be dropping $8 billion in shares directly from Sprint and then another $12 billion from the company's existing shareholders. The boards of both SoftBank and Sprint are said to have already signed off on the deal, and an official announcement could come as soon as Monday morning.
After rumors of negotiations between SoftBank and Sprint first leaked out, Sprint confirmed that talks were going on and that the result of the deal could bring a change in control of the Now Network. It looks like those talks progressed pretty quickly, and it'll be interesting to get some of the details of the deal and possibly learn why SoftBank was targeting Sprint. Good thing we may not have long to wait before this deal is made officially official. We'll update you with more information as we get it.