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Sprint-SoftBank $21.6B Merger Should be Finalized by July 10

by Jacob Kleinman | July 8, 2013July 8, 2013 2:00 pm PDT

SoftBank store

SoftBank’s acquisition of Sprint for $21.6 billion is set to be completed this Wednesday, the Japanese company wrote in a press release earlier today. The news follows the FCC’s approval of the merger last week.

The drawn-out acquisition was approved early in June by a clear majority of Sprint shareholders, paving the way for SoftBank to buy out the U.S. carrier. The Japanese telecom giant will spend $21.6 billion to buy a 78 percent share of Sprint. SoftBank will also vicariously eat up Clearwire, which Sprint set out to acquire in late 2012 for $2.2 billion.

SoftBank beat out Dish, which was also attempting to buy out Sprint, earlier on in the proceedings after leveling a final offer for the U.S. network. Once the merger is completed on Wednesday, the Japanese company will have gained a foothold in the U.S. market, but will need a strong strategy to compete with already-established frontrunners AT&T and Verizon.

Correction: In the second paragraph we originally said that SoftBank was purchasing 70 percent of Sprint, it has now been updated to reflect 78 percent.


Jacob Kleinman

Jacob Kleinman has been working as a journalist online and in print since he arrived at Wesleyan University in 2007. After graduating, he took a...