Sprint and Softbank have announced that the merger of the two companies is now complete, in a deal which is work $21.6 billion US dollars.
July 10, 2013 – Sprint Nextel Corporation (NYSE: S) (“Sprint”) and SoftBank Corp. (TSE: 9984) (“SoftBank”) today announced the completion of their merger whereby SoftBank has invested approximately $21.6 billion in Sprint, consisting of approximately $16.6 billion to be distributed to Sprint stockholders and an aggregate $5 billion of new capital ($1.9 billion at closing) to strengthen Sprint’s balance sheet. Sprint stockholders voted to approve the transaction at a special meeting of stockholders held on June 25, 2013.
Around 65 percent of the existing Sprint shares are being acquired by Softbank for $7.65 per share in cash, the remaining shares are being converted into shares in the new company.
Source EngadgetFiled Under: Technology News