Softbank to Buy 70 Percent of Sprint

Japan based Softbank Corp is moving ahead with plans to buy seventy percent of Sprint.

It will cost them over seventy billion dollars, the largest amount ever spent by a Japanese firm to buy into a foreign one.

Sprint is the third largest mobile carrier, in the US, and Softbank is one of the largest in Japan.

The move is an important one for Softbank, as the Japanese mobile market has stagnated, whilst the US is still growing.

Since the announcement was made, Softbank stock has gone down, but Sprint and that of the companies it owns have gone up, especially that of Clearwire.

Every part of the deal should be completed by mid 2013.