Sprint in talks on potential sale to Japan's Softbank
Reuters -- Oct 12
Japanese wireless service provider Softbank Corp is looking to buy roughly 70 percent of Sprint Nextel Corp in a bold move that would make it a major player in the U.S. mobile market.
But Softbank's ambitions may not stop with Sprint, which might also be looking to buy out its partner, Clearwire Corp. The Japanese company might also be aiming to use Sprint as a vehicle to make a run at smaller Sprint peer MetroPCS Communications Inc, a two-step transaction that would potentially cost more than 2 trillion yen ($25.55 billion), according to a Nikkei report.
That would make it the biggest overseas acquisition by a Japanese company ever and vault Softbank into the upper echelons of wireless carriers worldwide.
In response to reports of a pending deal, Sprint said on Thursday that it was in talks with Softbank on a "potential substantial investment" that could involve a change in control of the U.S. company. It said there was no assurance of a sale.
Softbank is eyeing a controlling stake in Sprint worth more than 1 trillion yen ($12.8 billion) and is in talks with several banks to borrow money to finance a bid, according to a source with direct knowledge of the matter.
Shortly after arriving in Tokyo Wednesday night, U.S. President Barack Obama enjoyed an informal dinner with Japanese Prime Minister Shinzo Abe at a top-rated sushi restaurant in the posh Ginza shopping district. (Jiji Press )
The education ministry conducted national academic achievement tests on Tuesday for all final-year students at primary and middle schools across the country. About 2.24 million students at about 30,000 schools took Japanese and mathematics exams. (The Japan News )
Police in Neyagawa, Osaka Prefecture, admitted Wednesday that they mistakenly arrested a woman in her 20s over her suspected involvement in a blackmail case which occurred in January of this year. (Japan Today )
Tokyo High Court ordered the state and a former Maritime Self-Defense Force officer on Wednesday to pay 73 million yen in compensation for the 2004 suicide of a junior crewman of an MSDF destroyer after bullying by the officer. (Jiji Press )
The Imperial Household Agency announced this week that it has received over 100,000 applications from individuals seeking to participate in the first ever public opening of parts of the Imperial Palace. (Japan Today )
A former judge from the Ministry of Justice is alleged to have installed a camera inside a women's toilet inside a ministry building in Kasumigaseki, people with knowledge of the matter announced on Monday, reports Sports Nippon (Apr. 22). (Tokyo Reporter )
Police in Fuso, Aichi Prefecture, said Sunday they have arrested an unemployed 38-year-old man for attempted murder after he broke into the home of his ex-girlfriend and stabbed her and her parents. (Japan Today )