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It’s the most money a Japanese company has ever spent on an overseas acquisition, and Softbank believes that the move will give it a valuable entry into the U.S. mobile market.
Softbank investors’ feelings on the idea were mixed, however. Shares tumbled 8% on the news, but are already up over 9% today.
It’s easy to see why some would be nervous about the move. Sprint has lost money every quarter for almost five years – and holds around $15 billion in debt.
The deal is nice for Sprint investors, though, since Softbank is ultimately buying 55% of Sprint’s stock for $7.30 – a 28% premium to the current share price.
As Craig Moffett, an analyst at Sanford C. Bernstein & Co. in New York, told Bloomberg, “It’s nice to be able to cash out… Whatever uncertainty was out there about Sprint’s prospects is, for the time being, taken away.”