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Sprint Nextel Corp and SoftBank Corp Announce Completion Of Merger


Wednesday, 10 Jul 2013 06:00pm EDT 

Sprint Nextel Corp and SoftBank Corp (SoftBank) announced the completion of their merger whereby SoftBank has invested approximately $21.6 billion in Sprint, consisting of approximately $16.6 billion to be distributed to Sprint stockholders and an aggregate $5 billion of new capital ($1.9 billion at closing) to strengthen Sprint`s balance sheet. Sprint stockholders voted to approve the transaction at a special meeting of stockholders held on June 25, 2013. Through this transaction, approximately 72% of current Sprint shares are being acquired by SoftBank for $7.65 per share in cash, and the remaining shares are being converted into shares of a new publicly traded entity named Sprint Corporation. Sprint Corporation will be listed and traded on the New York Stock Exchange (NYSE) under the ticker symbol, S. The Raine Group LLC is serving as lead financial advisor to SoftBank. Mizuho Securities, Goldman Sachs, Deutsche Bank, JP Morgan and Credit Suisse also served as advisors. SoftBank`s legal advisors include Morrison & Foerster LLP as lead counsel, Mori Hamada & Matsumoto as Japanese counsel, Dow Lohnes PLLC as regulatory counsel, Potter Anderson & Corroon LLP as Delaware counsel, and Foulston & Siefkin LLP as Kansas counsel. 

Company Quote

8.55
0.3 +3.64%
11 Jul 2014