SoftBank tries to buy Sprint: everything you need to know about the $20.1 billion acquisition
Rumors surrounding an acquisition of Sprint by Japanese carrier SoftBank originated on October 11th, 2012, and it wasn't long before the massive $20.1 billion takeover attempt was confirmed. The agreement gives SoftBank a 70-percent stake in Sprint, granting the company full control over America's third-place carrier and a highly-visible presence in the US. Both companies expect the acquisition to close in 2013.
SoftBank pledges to work with US government as Dish sparks national security fears
SoftBank CEO Masayoshi Son wants Sprint, and he’s willing to make some significant concessions to get hold of it, like letting the US government choose one of the 10 directors to its board. The Wall Street Journal reported the news today, writing that the director in question will be in charge of overseeing national security issues. At the same time, rival Dish is hoping to derail SoftBank’s bid with a major PR blitz against its Japanese opponent, running full-page color ads in Washington...
Sprint ups bid for Clearwire in continued effort to bolster its LTE spectrum
It's an understatement to say that Sprint is in a period of transition — both Softbank and Dish are trying to buy the nation's third-largest wireless carrier. At the same time, Sprint and Dish are both trying to purchase Clearwire, and Sprint has just made a strong play for that spectrum. The carrier has just submitted a new, increased offer for Clearwire — the carrier is now offering $3.40 per share of the company that Sprint doesn't already own. That's up from the $2.97 Sprint initially...
Dish CEO says the company needs to transform itself before video declines
American satellite company Dish says it needs to find a new business model before its old one disappears. On an investor call, the company was asked whether it would rather have a merger with rival DirecTV or an acquisition of mobile carrier Sprint — A Dish-DirecTV merger was blocked by the FCC in 2002, and Dish made a surprise bid for Sprint just last month. Unsurprisingly, CEO Joe Clayton picked Sprint. "We would transform DISH and we transform Sprint," he said, according to TV...
SoftBank CEO touts 4G expertise as major advantage in Sprint buyout
Last week, SoftBank CEO dissected Dish Network’s competing bid for Sprint, calling it "incomplete and illusory," but today he explained exactly why he thinks SoftBank is better poised than its competition to take control of the company: synergy. After introducing SoftBank's new summer phones at a carrier event in Tokyo, the CEO described its networking advancements like interference-reducing single frequency network (SFN) technology, and how he believed that they, along with its...
Sprint clear to vote on SoftBank buyout next month after SEC approval
The US Securities and Exchange Commission has approved Japanese carrier SoftBank's plan buy a 70 percent stake in Sprint, paving the way for a vote next month. SoftBank, which made its plans public in October of last year, says it's now urging Sprint's shareholders to approve the $20 billion deal at a meeting on June 12th. If approved, SoftBank hopes the acquisition could close in July, putting control of America's third-largest carrier in the hands of a Japanese telecom juggernaut.
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Dish chairman hits back at SoftBank CEO: 'culture matters' in Sprint deal
Two days ago SoftBank CEO Masayoshi Son launched a heated attack on Dish Network's "incomplete and illusory" rival bid for Sprint, and now Dish chairman Charlie Ergen has fired back with shots of his own. In an interview with USA Today, Ergen sought to draw a line between his company and SoftBank by questioning whether the Japanese carrier has the ability to build a network on American soil.
SoftBank CEO calls Dish bid for Sprint 'incomplete and illusory'
SoftBank CEO Masayoshi Son has come out swinging against the rival bid for Sprint from Dish Network. At a press conference in Tokyo, Son argued that it isn't necessary for SoftBank to raise its $20.1 billion bid for Sprint, and maintained that it represents a better option than Dish's $25.5 billion offer. While Dish has claimed that their bid is worth $7 a share, Son questioned the company's numbers, asking "Is it right? Is it true? Is it misleading? I would say the number is wrong. Totally...
Intel CEO Paul Otellini tells FCC that SoftBank is the better buyer for Sprint
In its battle to acquire Sprint, Japanese carrier SoftBank has a surprising ally — Intel. The chipmaker’s CEO Paul Otellini sent an email to FCC chairman Julius Genachowski last week saying that he supports SoftBank, headed by the enigmatic Masayoshi Son, over a competing bid from TV provider Dish Network. "Son-san’s vision to build a high speed competitive third national network is very compelling," writes Otellini. "We need this competition in the wireless space as the ATT / Verizon...
Citing security concerns, Dish claims it's a better buyer for Sprint than Japanese carrier SoftBank
Sprint is currently being courted by two different companies — Japanese carrier SoftBank is still hoping its $20.1 billion bid will clear on July 1st, but satellite TV provider Dish is now attempting a $25.5 billion takeover of the US's third-largest wireless carrier. Now, according to a just-released FCC filing, Dish is getting more aggressive about stopping the SoftBank / Sprint deal from going forward. Dish has asked US regulators to hold their review of the SoftBank deal on the grounds...
SoftBank expects to complete Sprint acquisition in July, despite rival Dish offer
SoftBank's planned $20.1 billion takeover of Sprint was thrown into disarray yesterday by a $25.5 billion rival bid from Dish Network, but the Japanese carrier still expects the acquisition to proceed as planned. In a statement provided to AllThingsD, SoftBank said that the deal is set to be completed on July 1st.
Dish Network attempts $25.5 billion Sprint merger
Dish Network has launched a $25.5 billion takeover bid that would see it take control of Sprint. Japanese carrier SoftBank is currently in the process of purchasing Sprint, but Dish's offer could derail the takeover. Today's announcement represents a proposal, rather than a legally-binding offer, but The Wall Street Journal says the company is confident it can raise the funds necessary for such a large purchase. Under the conditions of the bid, Dish's shareholders would gain full control over...
Sprint and SoftBank promise not to use Chinese networking equipment, says lawmaker
As Sprint's proposed buyout by Japanese carrier SoftBank rumbles forward, it looks like the usual regulatory suspects like the DOJ and FCC aren't the only agencies with concerns. The US Congress is also getting involved, yesterday letting it be known through the WSJ's sources that it had serious concerns that the new Sprint would use equipment manufactured in China by Huawei or ZTE to build out its network. Fears that the security of such equipment could be suspect have been commonplace and...
US wants Sprint-SoftBank deal to avoid Chinese network equipment: WSJ
In order for the $20 billion acquisition of Sprint Nextel by Japan’s SoftBank to go ahead, the US government wants to oversee network equipment purchases in a bid to keep Huawei and ZTE products out of the nation’s infrastructure, reports The Wall Street Journal. Last year, a Congressional report labeled the two companies’ equipment as a national security risk, and SoftBank uses Huawei equipment, popular in many markets for its low prices, on its own network at home.
US Justice Department asks FCC to defer Sprint, SoftBank merger
The US Justice Department has requested that the FCC hold off on approving a planned merger between Sprint and SoftBank, according to Bloomberg, a move that would grant the government more time to review the proposal. In a filing posted today, the DOJ says it's "currently reviewing this matter for any national security, law enforcement, and public safety issues." It's doing so with the help of the FBI and Department of Homeland Security, and is asking the FCC to give the agencies time to...
Sprint said to be in 'active negotiations' to buy out Clearwire
Sprint, Clearwire, and SoftBank have had a busy couple of months, and it looks like things aren't going to settle down for a while longer. CNBC's David Faber has revealed that Sprint and Clearwire are in "active negotiations" for the wireless carrier to purchase the remaining 49 percent or so of Clearwire it doesn't yet own. The deal is rumored to be announced before the end of the year. Sprint acquired a majority stake in Clearwire back in October, bringing its total ownership to 50.8...
$20 billion of ambition: meet Masayoshi Son, Sprint suitor and SoftBank CEO
By Jeff Blagdon and Sam Byford
When Sprint CEO Dan Hesse — a tower of a man — took the stage in Tokyo last week to shake the hand of his comically shorter boss-to-be, it was the first time many in the West had gotten a glimpse of the enigmatic entrepreneur. But to those in the know, SoftBank founder and CEO Masayoshi Son's acquisition of Sprint is merely the most recent in a long line of power moves. His comfort in making big bets is to blame for a number of setbacks over the years, but...
AT&T: Sprint-SoftBank deal gives Japanese firm 'control of significantly more US wireless spectrum than any other company'
The viability of SoftBank's majority acquisition of Sprint is a big question as the deal progresses through various regulatory bodies in the coming months, but AT&T may be signaling today that it could take issue in a statement released by vice president Brad Burns:
Softbank's acquisition of Sprint and the control it gains over Clearwire will give one of Japan's largest wireless companies control of significantly more U.S. wireless spectrum than any other company. We expect that fact and...
Sprint acquires majority stake in Clearwire
Sprint has upped its stake in Clearwire to 50.8 percent, and now has voting control over the company. The move comes shortly after Japanese carrier SoftBank agreed to purchase Sprint. America's third-largest carrier had a controlling share in Clearwire until earlier this year, when fears that its mounting debts would become a burden on the company prompted Sprint to sell off some of its shares. The move was reportedly a condition of SoftBank's takeover, as the Japanese carrier wanted full...
SoftBank confirms $20.1 billion Sprint acquisition, deal expected to close in mid-2013
Sprint is being acquired by Japanese carrier SoftBank in a deal worth $20.1 billion, the company announced here at a press event in Tokyo. As previously reported, SoftBank will purchase $8 billion in newly-issued shares from Sprint along with $12.1 billion in existing shares, giving the company a 70 percent stake overall. Sprint confirmed late last week that negotiations were ongoing, but it appears that discussions were already at an advanced stage.
The transaction is expected to close in...
CNBC: Japanese carrier SoftBank buys control of Sprint for $20 billion (updated)
Sprint confirmed on Friday that it was in talks to sell more than two thirds of Sprint Nextel stock to Japan's third-place wireless carrier, SoftBank — and now CNBC reports that a deal has been accepted by the boards of both companies. The deal is the latest in a series of acquisitions by SoftBank, and as Nikkei reported earlier, the carrier intends to use the Sprint buyout to expand its global business, and lower its costs for devices and networking equipment. CNBC says SoftBank will buy...
Japanese carrier SoftBank in talks to acquire Sprint, reports Nikkei (update: Sprint confirms talks)
Japan’s Nikkei business daily is reporting that the country’s third-place wireless carrier, SoftBank, has entered discussions to acquire more than two thirds of Sprint Nextel stock. The price is said to be over ¥1.5 trillion, or about $19.2 billion.
SoftBank has been on a string of acquisitions of late, picking up PHS operator Willcom in January of this year, and fourth-place Japanese carrier E-Mobile less than two weeks ago. Nikkei reports that SoftBank hopes to use the acquisition to...
