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Softbank Confirms $20 Billion Takeover Bid for USA Based Sprint

15 октября 2012

USA based Sprint has agreed to by bought by Japan's Softbank in a US$20 billion deal which will also secure the funds the company needs to continue its network upgrade programme.

Under the terms of the agreement, SoftBank will invest $20.1 billion in Sprint, consisting of $12.1 billion to be distributed to Sprint shareholders and $8 billion of new capital to strengthen Sprint's balance sheet. Through this transaction, approximately 55% of current Sprint shares will be exchanged for $7.30 per share in cash, and the remaining shares will convert into shares of a new publicly traded entity, New Sprint.

Following closing, SoftBank will own approximately 70% and Sprint equity holders will own approximately 30% of the shares of New Sprint on a fully-diluted basis.

The companies expect the closing of the merger transaction to occur in mid-2013. SoftBank is financing the transaction through a combination of cash on hand and a syndicated financing facility.

Sprint CEO, Dan Hesse, said, "This is a transformative transaction for Sprint that creates immediate value for our stockholders, while providing an opportunity to participate in the future growth of a stronger, better capitalized Sprint going forward. Our management team is excited to work with SoftBank to learn from their successful deployment of LTE in Japan as we build out our advanced LTE network, improve the customer experience and continue the turnaround of our operations."

The transaction does not require Sprint to take any actions involving Clearwire other than those set forth in agreements Sprint has previously entered into with Clearwire and certain of its shareholders.

After closing, Sprint's headquarters will continue to be in Overland Park, Kansas. New Sprint will have a 10-member board of directors, including at least three members of Sprint's board of directors. Mr. Hesse will continue as CEO of New Sprint and as a board member.


Источник: Cellular news

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