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Softbank Closes on Sprint Acquisition

The Softbank-Sprint-Clearwire saga is finally over as both deals officially close

Sarah Thomas

July 10, 2013

1 Min Read
Softbank Closes on Sprint Acquisition

Sprint's M&A saga has finally come to a close as Softbank closed its acquisition of the U.S. operator late Wednesday.

The news comes just one day after Sprint completed its acquisition of Clearwire. (See Sprint Closes Clearwire Acquisition.)

Softbank first announced its intention to acquire Sprint for $21.6 billion last October, but the deal has been stymied by an unsolicited bid from Dish Network in April and regulatory scrutiny about a foreign company owning the operator. Softbank ended up sweetening its offer to $7.65 per share, causing Dish to drop its bid. The deal received FCC approval on July 5. (See FCC Approves Softbank/Sprint, Sprint/Clearwire, (Sprint Shareholders Approve Softbank Merger and Dish Throws in the Towel on Sprint Buy.)

Having both deals wrapped up means that Sprint now has significantly more money -- $5 billion of new capital with $1.9 billion available at closing – and spectrum to expedite its LTE rollout and compete against rivals AT&T and Verizon Wireless.

Softbank now owns 78 percent of the combined Sprint and Clearwire. Sprint will continue to be listed on the NYSE as "S" with regular trading commencing on Friday. No management changes have been announced within Sprint, but Softbank Chairman and CEO Masayoshi Son will serve as the chairman of the Sprint board of directors.

— Sarah Reedy, Senior Editor, Light Reading

About the Author(s)

Sarah Thomas

Director, Women in Comms

Sarah Thomas's love affair with communications began in 2003 when she bought her first cellphone, a pink RAZR, which she duly "bedazzled" with the help of superglue and her dad.

She joined the editorial staff at Light Reading in 2010 and has been covering mobile technologies ever since. Sarah got her start covering telecom in 2007 at Telephony, later Connected Planet, may it rest in peace. Her non-telecom work experience includes a brief foray into public relations at Fleishman-Hillard (her cussin' upset the clients) and a hodge-podge of internships, including spells at Ingram's (Kansas City's business magazine), American Spa magazine (where she was Chief Hot-Tub Correspondent), and the tweens' quiz bible, QuizFest, in NYC.

As Editorial Operations Director, a role she took on in January 2015, Sarah is responsible for the day-to-day management of the non-news content elements on Light Reading.

Sarah received her Bachelor's in Journalism from the University of Missouri-Columbia. She lives in Chicago with her 3DTV, her iPad and a drawer full of smartphone cords.

Away from the world of telecom journalism, Sarah likes to dabble in monster truck racing, becoming part of Team Bigfoot in 2009.

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