News Column

Softbank Completes Sprint Nextel Acquisition

July 11, 2013

Japan's Softbank Corp said Thursday that it had completed a 21.6-billion-dollar (1.8-trillion-yen) acquisition of Sprint Nextel Corp, the third largest mobile carrier in the US.

Softbank, the number three Japanese mobile carrier, said it now owns some 78 per cent of the shares of the new company Sprint Corp.

Softbank chief executive Masayoshi Son will become the chairman of the board, while Mike Mullen, former chairman of the US Joint Chiefs of Staff, has been appointed as the director in charge of security, the Japanese company said.

Softbank posted a net profit of 289.4 billion yen for the previous financial year through March, an operating profit of 745 billion yen and sales of 3.38 trillion yen.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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