Japanese carrier Softbank has confirmed it is acquiring a majority share in Sprint, in a deal worth $20.1bn expected to be closed by mid-2013. The deal, rumored last week, will see Softbank pay $12.1bn to Sprint's existing shareholders to snap up the struggling US CDMA carrier, with the remaining $8bn used to "strengthen Sprint's balance sheet." The acquisition will see Softbank attempt to bring some Japanese-style LTE magic to Sprint's network in the US, with current CEO Dan Hesse remaining on in his position.
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