Arab Today, arab today japan\s softbank announces 20 bn sprintnextel buyout
Last Updated : GMT 17:59:10
Arab Today, arab today
Arab Today, arab today

Japan\'s Softbank announces $20 bn Sprint-Nextel buyout

Arab Today, arab today

Arab Today, arab today Japan\'s Softbank announces $20 bn Sprint-Nextel buyout

Tokyo - AFP

Japanese mobile carrier Softbank on Monday announced a monster deal to take control of US-based Sprint Nextel for about $20 billion in the biggest-ever overseas acquisition by a Japanese firm. Softbank said the ambitious takeover would see it acquire 70 percent of Sprint Nextel, the third-biggest US mobile firm behind AT&T and Verizon Wireless, with the deal set for completion in the middle of next year. Chief executive Masayoshi Son, a well-known tech entrepreneur and Japan\'s second-richest man, acknowledged that his firm was jumping into the US mobile market where it has no foothold or experience. \"This will be a big challenge -- when you take on a big challenge, it comes with big risks,\" he told a news conference in Tokyo on Monday. \"However, maybe avoiding the challenge is a larger risk.\" The cross-ocean marriage, which will have about 90 million subscribers, would vault Softbank to third spot globally among mobile firms after China Mobile and Verizon, it said. Japan\'s third-largest mobile operator confirmed the deal would be financed with cash and loans from Japan\'s major lenders and Deutsche Bank. Softbank, little known outside Japan, is perhaps the country\'s most colourful and dynamic among the major mobile carriers.Its stores across the country were the first to carry Apple\'s iPhone and the company\'s well-known television commercials star a talking snow-white dog and have featured American actor Tommy Lee Jones. In 2006, it bought the struggling Japanese arm of Vodafone for about 1.75 trillion yen ($22.2 billion at current exchange rates), while earlier this month it announced plans to buy smaller rival eAccess Ltd for $2.3 billion. The Sprint agreement would provide the heavily indebted firm with liquidity to remain competitive in a US field dominated by AT&T and Verizon Wireless, a joint venture between Verizon Communications Inc. and Vodafone Group. However news of the deal last week prompted ratings agency Standard & Poor\'s to put the Japanese firm\'s credit rating on review, saying it would heap pressure on its already debt-heavy balance sheet. Softbank shares lost 5.30 percent to 2,268 yen in Tokyo trade on Monday, after tumbling 17 percent on Friday as the company confirmed it was in talks with Sprint. Japan\'s Nikkei business daily also reported last week that Softbank was separately eyeing fifth-ranked US carrier MetroPCS Communications at just a fraction of the Sprint price tag. The Sprint acquisition could trigger a clash with Deutsche Telekom, after its US affiliate T-Mobile USA unveiled a plan for a merger with MetroPCS in a deal that would boost the fourth-largest US wireless carrier\'s effort to compete in the American market. Deutsche Telekom would hold a 74 percent stake in the new company. Some analysts say the Softbank offer for Sprint could be part of a more complex effort to acquire MetroPCS before the T-Mobile deal is consummated. Japanese firms have been increasingly eyeing overseas deals amid slowing domestic demand and a surging yen, which hit record highs against the dollar late last year and remains strong. Japanese firms have spent about $66 billion in 560 overseas acquisitions so far this year, putting them on track to surpass last year\'s record of $84 billion, according to data provider Dealogic. In 2007, Japan Tobacco paid about $19 billion for Britain\'s Gallaher Group Plc in 2007, the biggest overseas deal by a Japanese firm at the time.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japan\s softbank announces 20 bn sprintnextel buyout Arab Today, arab today japan\s softbank announces 20 bn sprintnextel buyout

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday