Softbank to announce Sprint Nextel deal at 0800 GMT: source

Published October 15, 2012

| Reuters

Japan's Softbank Corp plans to announce a deal to acquire control of U.S. carrier Sprint Nextel Corp at a news conference at 0800 GMT, a source said on Monday.

Softbank's takeover of Sprint in an expected $20 billion deal would be Japan's biggest overseas buy, and would also give the U.S. firm ammunition to potentially acquire peers and build out its 4G network to compete better in a wireless market dominated by AT&T and Verizon.

(Reporting by Maki Shiraki; Editing by Muralikumar Anantharaman)

URL

http://www.foxbusiness.com/news/2012/10/15/softbank-to-announce-sprint-nextel-deal-at-0800-gmt-source/