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Businesses

Submission + - Japanese Telco Near Deal To Purchase 75% Stake in Sprint (nytimes.com)

milbournosphere writes: Sprint has confirmed that it is in talks with the Japanese Telco Softbank to sell off a reported 75% stake in the company. If the deal goes through it could add substantial monetary backing to Sprint's US business, and add the Japanese company an entry into the US market. From the article:

Buying Sprint would give Softbank an entry into the American market, one of the largest and most profitable in the world. The Japanese company has steadily surpassed rivals in its home country, in large part through acquisitions. Earlier this month, it agreed to buy a smaller competitor, eAccess, to become the second-biggest service provider in Japan.

Sprint's stock is currently up around 17% on the news.

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