Japan's Softbank to buy 70% stake in U.S. mobile carrier SprintOctober 15, 2012 - 13:10 AMT PanARMENIAN.Net - Japan's Softbank Corp. said Monday, Oct 15 it will buy a 70% stake in U.S. mobile carrier Sprint Nextel Corp. for about $20 billion in the biggest-ever overseas acquisition by a Japanese firm, MarketWatch reports. The deal is designed to carve a potentially lucrative opening in the U.S. for Softbank, Japan's third-largest mobile carrier. At the same time, it will provide the third-largest U.S. wireless operator an immediate infusion of cash, helping it compete better with bigger rivals in one of the world's biggest and most lucrative markets for smartphones. In a statement, Softbank, which also has a range of Internet operations, said it would acquire a majority stake in the U.S. carrier by buying $8 billion of shares directly from Sprint and then buying another $12.1 billion of shares in the market. The deal would transform Softbank, a comparative newcomer in the telecommunications industry, into one of the world's largest telecoms groups with about 90 million subscribers once combined with Sprint. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |