Softbank to Buy Sprint Nextel for About $20 Billion - Wall Street Journal [dayinformations.blogspot.com]
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By DAISUKE WAKABAYASHI And KANA INAGAKI
TOKYOâ€"Japan's Softbank Corp. said Monday 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.
Timeline: Sprint's History
Softbank President Masayoshi Son, left, and Dan Hesse, President and CEO of the Sprint Nextel, at their joint news conference in Tokyo Monday.
The deal is designed to carve an opening in the U.S. for Softbank, Japan's third-largest mobile carrier. It will provide the third-largest U.S. wireless operator an immediate infusion of cash, helping it to compete better with bigger rivals in one of the world's biggest and most lucrative markets for smartphones.
In a statement, Softbank 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 relative newcomer in the telecommunications industry, into one of the world's largest telecom groups with about 90 million subscribers when combined with Sprint. It expects to complete the deal by mid-2013.
In a statement, Softbank's Chairman and Chief Executive Masayoshi Son said: "This transaction provides an excellent opportunity for Softbank…to drive the mobile Internet revolution in the world's largest market."
In the same statement, Sprint chief executive Dan Hesse said it was a "transformative transaction for Sprint that creates immediate value for our stockholders, while providing an opportunity to participate in the future growth of a stronger, better-capitalized Sprint going forward."
In one feature of a complex deal, Softbank will buy $ 3.1 billion of bonds with a seven-year maturity that will convert into Sprint stock at $ 5.25 a share. In another element, it will offer $ 7.30 a share for about $ 12.1 billion in stock it buys in the public market.
Sprint's stock closed Friday at $ 5.73 a share.
Fueled by a strong yen and cheap borrowing costs, Japanese companies have been buying overseas assets at a record pace, already spending more than $ 65 billion so far this year, according to data provider Dealogic.
Softbank's deal with Sprint would mark the largest foreign purchase by a Japanese company. It tops Japan Tobacco Inc.'s $ 19.1 billion purchase, including debt, of the U.K.'s Gallaher Group in 2006 and Takeda Pharmaceutical Co.'s $ 13.7 billion purchase of Swiss drug maker Nycomed last year.
The Softbank-Sprint agreement is the latest in an increasingly concentrated industry. Smaller rivals T-Mobile USA, owned by Deutsche Telekom AG and MetroPCS Communications Inc., agreed earlier this month to merge.
Softbank shares have fallen more than 20% in Tokyo trading since news broke late Thursday that the two companies were in advanced talks.
While the deal dramatically increases the size and scope of Softbank's businessâ€"which already includes investments in Web properties such as China's Alibaba.com, online game provider Zynga Inc., and domestic portal Yahoo Japan Corp. â€"it also carries big potential risks.
While it would gain scale for procuring handsets and telecommunication equipment, Softbank would be taking on a heavily indebted carrier in a market dominated by bigger competitors, and operating in a country where it has no experience.
Moreover, the Japanese company is still saddled with debt from a leveraged buyout of Vodafone PLC's Japanese arm in 2006.
To finance the deal, Softbank will receive a short-term syndicated loan of ¥1.6 trillion, or $ 20.4 billion, from Japan's three largest banks and from Deutsche Bank, according to people familiar with the talks. The three Japanese banks are Mizuho Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc.
Write to Daisuke Wakabayashi at Daisuke.Wakabayashi@wsj.com and Kana Inagaki at kana.inagaki@dowjones.com
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