Report: Softbank to buy 70 percent of Sprint

[proud2BlibKansan]

Source: KC Star

Japan’s Softbank Corp. will buy a 70 percent stake in Sprint Nextel Corp. for about $20 billion, CNBC reported, citing unidentified people familiar with the transaction.

The agreement calls for a direct purchase by Softbank from Sprint of $8 billion in stock and a tender offer for an additional $12 billion from holders, CNBC’s David Faber reported today. The tender offer price is $7.30 a share, CNBC said, or 27 percent more than Sprint’s Oct. 12 closing price of $5.73.

The deal is intended to revitalize the third-biggest U.S. wireless carrier into a more formidable competitor. With the investment from Japanese billionaire Masayoshi Son’s Softbank, Sprint can fund a faster expansion of its 4G wireless network and could make further acquisitions aimed at challenging Verizon Wireless and AT&T Inc.

“This could be the final and most important piece to reposition Sprint to compete effectively with AT&T and Verizon,” said Walt Piecyk, an analyst with BTIG LLC in New York, in an interview last week.



Read more: http://www.kansascity.com/2012/10/14/3866860/softbank-said-to-have-deal-to.html#storylink=cpy

[navarth]

1. If I remember correctly, CREDO uses the Sprint network

I was with CREDO for a while, and I do truly love them. I just had some coverage problems that I couldn't abide, so I had to go back to the evil empire (I fucking hate Verizon). This makes me wonder: will they have good enough coverage now? Also: would I just be supporting a foreign company?

[GentryDixon]

2. I have been checking into Credo.

I looked at the coverage map and it seems to be about the same as what I have with AT&T. What problems did you have?

[proud2BlibKansan]

3. My hometown is home to Sprint World Headquarters.

And we have the worst cell service imaginable. Sprint phones just barely work here. They don't work in my neighborhood. Right outside their headquarters, there is no signal at all.

So Credo is not an option for me.

[silvershadow]

5. I would expect your hometown won't be home to Sprint headquarters much longer then.

70% is not only controlling interest, but more than 2/3 of the company. I'm just guessing for now, but I can't imagine that things won't be changing swiftly. Bad service or not, the jobs are at risk now.

[proud2BlibKansan]

6. What jobs?

Sprint has fired most of the workers who were here.

[silvershadow]

7. Sounds about right...Sorry to hear that. :(

[Old Codger]

4. Was with sprint

For over 11 years, after all that time and this is with 4 phones on the account they would not let me have the phone I wanted without a long term contract and a high priced data service they also would let me do the data thing and keep all of the phones on the plan I had for several years , they would have made me go to an individual plan and leave the rest of the phones on the old plan or move them to data also. If I dropped the old plan there was no going back to it as it was no longer available to "new" customers... I have switched all of my phones over to Consumer Cellular for now and it seems to be pretty decent ...