Japanese mobile operator Softbank Corp said it will purchase about 70 percent of Sprint Nextel Corp , the third-largest U.S. carrier, for $20.1 billion - the most a Japanese firm has spent on an overseas acquisition.The deal, announced by Softbank's billionaire founder and chief Masayoshi Son and Sprint Chief Executive Dan Hesse at a packed news conference in Tokyo on Monday, gives Softbank entry into a U.S. market that is still growing, while Japan's market is stagnating.Part of the deal is a direct infusion of billions of dollars into Sprint, giving it the firepower to buy peers and build out its 4G network to compete in a market dominated by AT&T Inc and Verizon Wireless .Shares in one of those potential targets, Clearwire Corp , surged 35 cents to $2.67 near midday. Sprint owns 48 percent of Clearwire. While Softbank said no action was required, most analysts and investors see a Sprint-Clearwire tie-up as an inevitable consequence of the Softbank deal.
Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S traded higher by 0.26% or $0.015/share to $5.74. In the past year, the shares have traded as low as $2.10 and as high as $6.04. On average, 78311000 shares of S exchange hands on a given day and today's volume is recorded at 220756352.
AT&T Inc. (AT&T) is a holding company. AT&T is a provider of telecommunications services in the United States and worldwide. Shares of T fell by 1.01% or $-0.36/share to $35.27. In the past year, the shares have traded as low as $27.41 and as high as $38.58. On average, 25017000 shares of T exchange hands on a given day and today's volume is recorded at 22642812.
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