Softbank Corp. has reached a deal to buy 70% of U.S. mobile carrier Sprint Nextel Corp. for $20.1 billion in the largest ever foreign acquisition by a Japanese company.
The deal was given a green light by the boards of both companies. It still needs approval from Sprint shareholders and U.S. regulators. Softbank said the transaction is expected to be completed by the middle of next year.
The agreement, announced Monday at a joint news conference in Tokyo by Softbank President Masayoshi Son and Sprint Chief Executive Dan Hesse, will bring together the third biggest mobile carriers of both Japan and the U.S., underlining the growth ambitions of Softbank, which has made a series of acquisitions over the last couple of decades.