SoftBank officially acquires Sprint

SoftBank officially acquires Sprint

Japanese operator SoftBank has officially completed its $21.6 billion acquisition of Sprint Nextel.

Announced yesterday, SoftBank beat rival bidder Dish Networks, in a deal that will see the Japanese company pay $7.65 per share in cash for 78% ownership of Sprint.

Sprint and SoftBank had been in talks over a potential acquisition since October last year, and it was rumoured that a completion date was set for July.

Dan Hesse, CEO at Sprint Nextel, will keep his position in the reformed company, and Masayoshi Son, SoftBank CEO, will become chairman of the board of directors.

Sprint Nextel will reportedly remove the Nextel part of its name to be known only as Sprint.

On Tuesday this week, Sprint officially acquired Clearwire.

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