Report: Softbank deal to buy 70 percent stake in Sprint to be announced Monday

Macworld writes, Softbank will acquire a 70 percent stake in Sprint Nextel, with the boards of both companies agreeing to the deal, which will be announced Monday, according to CNBC. Japan’s third-largest wireless carrier will pay $20 billion for the majority stake in Sprint, which is the third-largest wireless carrier in the U.S., the business news site reported Sunday, citing sources “close to the situation.” Softbank will pay $5.25 per share and the deal will not need a shareholder vote, the report said. Sprint will in turn use the $3 billion in proceeds it gets from the deal with Softbank to buy...

Continue reading Report: Softbank deal to buy 70 percent stake in Sprint to be announced Monday at Macworld