(MENAFN) Japanese mobile operator Softbank Corp has agreed to acquire 70 percent interest in US-based Sprint Nextel Corp for USD20.1 billion, Reuters reported.
The deal will give Softbank a foothold in the US telecoms market, as well as the needed cash for Sprint, the third-largest US wireless carrier, to expand its network and potentially buy rivals.
Softbank will inject billions of dollars directly into Sprint, as part of the deal, which will give it the desire to buy peers and build out its 4G network to compete in a market dominated by AT&T Inc and Verizon Wireless.
Softbank billionaire founder and chief Masayoshi Son is seeking to tap into the still-growing US market, away from the saturated home mobile market. Together, Softbank and Sprint will have 96 million users.
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