Softbank Sprint Deal: Keep An Eye On This Amended 13D Filing From The SEC
Softbank Sprint deal: In an amended 13D filing with the SEC, Japan-based Softbank Corp disclosed ownership of 80.5% of Sprint Corporation (NYSE:S). In this way, Softbank currently owns 3.2 billion shares of Sprint, the position valuing at almost $20.6 billion. The acquisition comes in frame of the Softbank Corp's intention to acquire Sprint, initiated in October 2012.
Even though Softbank first decided to acquire Sprint last year, the deal was approved by the FCC (Federal Communications Commission) only at the beginning of July and was officially closed the same month. The $21.6 billion deal was complicated, as we know, by DISH Network Corp. (NASDAQ:DISH), which also intended to purchase Sprint, one of the largest wireless carriers in the U.S. DISH at that time offered a price of more than $25 billion. However, after DISH complicated the things with their offer to acquire Clearwire, which is majority-owned by Sprint, and facing a lawsuit from the latter, the satellite TV provider dropped the offer and later also renounced to acqure Clearwire as well.
Softbank Corp, which initially owned slightly above 16% of Sprint, equivalent to 590.5 million shares, previously owned 78.6% of the company according to the second to last filing. Aside from the Softbank Sprint deal, here's some other stories to check out.