Deal expected to close in short order, handing Sprint over to SoftBank’s control
Following regulatory approval of the merger by the FCC, SoftBank has released a statement today indicating that its strategic investment of $ 21.6 billion (JPY 1.8 trillion) in Sprint is expected to close on July 10th, 2013. While this isn’t a complete confirmation, SoftBank feels it is confident enough in the timeframe to release an official statement. The deal will mark a huge investment, giving the Japanese carrier a 70-percent stake in Sprint and hopefully bringing new life into the nation’s third-place challenger.
We can expect Sprint and SoftBank to quickly put the money to work on furthering its LTE rollout, as well as its overall network improvements. Together with new spectrum from the shutdown of its iDEN network and finally securing Clearwire’s assets, Sprint certainly has a lot going for it.