Softbank to buy 70% of Sprint for $20 billion

Japanese mobile operator Softbank has agreed to buy 70 percent of Sprint Nextel Corp, the third-largest U.S. carrier, for $20.1 billion.

The agreement, announced Monday at a joint news conference in Tokyo by Softbank President Masayoshi Son and Sprint Chief Executive Dan Hesse, will bring together the third biggest mobile carriers of both Japan and the U.S., underlining the growth ambitions of Softbank, which has made a series of acquisitions over the last couple of decades.

"This transaction provides an excellent opportunity for SoftBank to leverage its expertise in smartphones and next-generation high speed networks, including LTE, to drive the mobile internet revolution in one of the world's largest markets," SoftBank Chairman and CEO Masayoshi Son said in a statement.

"This is pro-competitive and pro-consumer in the U.S. because it creates a stronger No. 3 ... it competes with the duopoly of AT&T and Verizon. When you look at what Softbank has accomplished in Japan with the No. 3 carrier, it's something we can learn from," Sprint Chief Executive Dan Hesse said.

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