Overland Park, Kan. — Sprint and SoftBank completed their merger yesterday following the June 25 approval by Sprint stockholders and following last week’s approval by the Federal Communications Commission (FCC).
Under the merger plan, Japanese carrier SoftBank acquired 72 percent of financially ailing Sprint by paying stockholders $16.6 billion. SoftBank also agreed to invest another $5 billion into the company, with $1.9 billion due at closing, to help Sprint upgrade its networks and expand LTE service.
Previous Sprint CEO Dan Hesse was appointed CEO of the new company and will serve on the board of directors. Masayoshi Son, SoftBank founder and chairman/CEO, becomes chairman of Sprint’s directors, and Ronald Fisher, SoftBank director and president of SoftBank Holdings, became vice chairman.