Softbank

An overwhelming 98 percent of voters welcome the deal with the Japanese carrier

The ongoing saga of the fight for Sprint's hand in marriage is coming to a close, with a single suitor finally able to close the deal. Today, Sprint shareholders voted in an overwhelming majority to approve the merger between Sprint and Japanese carrier Softbank. 98 percent of voters were in favor of the deal, representing 80 percent of the outstanding common stock.

Talks of a significant investment from Softbank were initially confirmed by Sprint in October of last year. This was followed by a slightly larger offer from competing investor Dish Network in April of 2013. After the recent decision by Dish not to invest in Sprint, but instead only focus on a separate offer for Clearwire, Softbank emerged as the victor. Sprint believes this marriage with Softbank "should enhance Sprint’s long-term value and competitive position by creating a company with greater financial flexibility."

Sprint stockholders will have the option to chose between $7.65 or one common stock for each Sprint stock they own. The total cash amount for stockholders totals $16.64 billion. After the deal, "New Sprint" will have a 22 percent stake in the company, with Softbank controlling the remaining 78 percent. Final FCC approval is expected as early as next month.

The complete press release can be found at the source link below.

Source: Sprint

 

Reader comments

Sprint shareholders give final blessing to Softbank merger

25 Comments

The United States government can now rest easy knowing that Softbank will buy Sprint.
No more worries about either company buying Chinese telecommunications equipment
which are bad forUS national security.

Quote from Reuters dated May 28
"As a part of that agreement, the U.S. government will have a veto over new equipment purchases by Sprint in certain circumstances if the two companies merge..."

"Sources said SoftBank agreed with U.S. authorities to remove equipment made by China's Huawei Technologies Co Ltd from Sprint and Clearwire Corp's networks if the Japanese company completed its deal by the end of 2016. SoftBank President Masayoshi Son has said he will pull equipment made by China's ZTE Corp if asked by U.S. regulators."

Backbone/infrastructure. Handsets weren't the issue, it was the equipment made by Huawei which is a Chinese firm which was used for the backbone/infrastructure that Softbank used.

Huawei and ZTE have close relations to the People's Army of China, and questionable software on all their devices which would be the equivalent of spyware and malware. Congress even questioned the companies over their devices. I never heard the final say over it, but the two companies would not turn over information that congress requested pertaining to code and software in the devices.

Over all it sounded like congress was going to ban the import of anything made by either company.

A bright future with a company that will now have access to new money, new network tech, more hardware vendors, and what i'm expecting is a disruption to the monopolies that are already trying to "screw the pooch" when it comes to their customers, ala the Big 2.

Hang tight, it's going to be a fun ride.

Good for Sprint. Hope it translates to a better network.

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Happy that's all said and done. Have big hopes that Softbank can right the ship a bit and hopefully ramp up the Network Vision deployment.

Now on to the Clearwire fiasco.

SprintBank?
SoftSprint?

Let the combo names begin...oh yea and the revamping of speeds to be up to par with the other two...

I can see their advertisements now...

"Not happy with the Big 2? Well give us a call and we will whip your wireless into shape"

As long as they do something about the network. I'm visiting L.A and I want to cancel the service As my phone now doesn't do what it should do. #sprints-network-sucks

I hope for a smooth transition and a rapid improvement in network stability and performance. The month of June was filled with service disruptions from coast to coast that were finally revealed to be caused by "Network Vision" and LTE tower upgrades. Significant equipment replacement is underway. Finally stability and performance has returned to the Atlanta, GA area.

I'm glad this is about done. Should be a win win for Sprint and it's customers now with more money in the system to make it a better network for all.

Whould the name change from Sprint to SoftBank.. For the new company here in the US?.. Or just remain as Sprint?..

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