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Sprint and SoftBank Announce Completion of Merger



  Sprint and SoftBank Announce Completion of Merger

Business Wire

OVERLAND PARK, Kan. & TOKYO -- July 10, 2013

Sprint Nextel Corporation (NYSE: S) (“Sprint”) and SoftBank Corp. (TSE: 9984)
(“SoftBank”) today announced the completion of their merger whereby SoftBank
has invested approximately $21.6 billion in Sprint, consisting of
approximately $16.6 billion to be distributed to Sprint stockholders and an
aggregate $5 billion of new capital ($1.9 billion at closing) to strengthen
Sprint’s balance sheet. Sprint stockholders voted to approve the transaction
at a special meeting of stockholders held on June 25, 2013.

Through this transaction, approximately 72 percent of current Sprint shares
are being acquired by SoftBank for $7.65 per share in cash, and the remaining
shares are being converted into shares of a new publicly traded entity named
Sprint Corporation. Each Sprint stockholder had the option to elect to receive
one share of common stock in the new company or to elect to receive cash,
subject to proration, for each share of Sprint common stock owned by that
stockholder. A stockholder who made no election was deemed to have elected
cash.

Based on the elections made by Sprint stockholders, each stockholder that
elected to receive stock will receive one share of stock in Sprint
Corporation, and each stockholder that elected (or was deemed to have elected)
to receive cash will receive a combination of $5.647658 in cash and
0.261744048 of a share of stock in Sprint Corporation. As a result of the
transaction, the ownership of current Sprint equity holders in a stronger,
more competitive Sprint will be approximately 22 percent, while SoftBank will
own approximately 78 percent, both calculated on a fully diluted basis.

Sprint Corporation will be listed and traded on the New York Stock Exchange
(“NYSE”) under the ticker symbol, “S.” Sprint Corporation has been advised by
the NYSE that it is expected that Sprint Corporation will continue to trade on
the NYSE’s “when-issued” market on July 11, 2013 and regular trading under the
ticker symbol “S” will commence on Friday, July 12, 2013. Sprint Corporation
stockholders should contact their brokers for instructions on trading in the
NYSE’s “when-issued” market.

Dan Hesse has been appointed Chief Executive Officer of Sprint Corporation and
will serve on the board of directors. Masayoshi Son, founder, Chairman and CEO
of SoftBank will serve as Chairman of the Sprint Corporation board of
directors and Ronald Fisher, director of SoftBank and president of SoftBank
Holdings Inc., has been appointed Vice Chairman. Admiral Michael G. Mullen,
Former Chairman, Joint Chiefs of Staff, has been named to the Sprint
Corporation board of directors as Security Director. Robert Bennett, Gordon
Bethune and Frank Ianna, who are currently members of the Sprint board, will
also serve on the Sprint Corporation board of directors. SoftBank and Sprint
have not yet determined the remaining members of the Sprint Corporation board
of directors. The company’s headquarters will remain in Overland Park, Kansas.

The Raine Group LLC is serving as lead financial advisor to SoftBank. Mizuho
Securities, Goldman Sachs, Deutsche Bank, JP Morgan and Credit Suisse also
served as advisors. SoftBank’s legal advisors include Morrison & Foerster LLP
as lead counsel, Mori Hamada & Matsumoto as Japanese counsel, Dow Lohnes PLLC
as regulatory counsel, Potter Anderson & Corroon LLP as Delaware counsel, and
Foulston & Siefkin LLP as Kansas counsel.

Citigroup Global Markets Inc., Rothschild Inc. and UBS Investment Bank are
co-lead financial advisors for Sprint. Sprint’s legal advisors include
Skadden, Arps, Slate, Meagher & Flom LLP as lead counsel, Lawler, Metzger,
Keeney and Logan as regulatory counsel, and Polsinelli PC as Kansas counsel.
The Special Committee of the Sprint Board of Directors is being advised by
Bank of America Merrill Lynch, Shearman & Sterling LLP, Bingham McCutchen LLP
and Spectrum Management Consulting.

About Sprint

Sprint offers a comprehensive range of wireless and wireline communications
services bringing the freedom of mobility to consumers, businesses and
government users. Sprint served more than 55 million customers at the end of
the first quarter of 2013 and is widely recognized for developing, engineering
and deploying innovative technologies, including the first wireless 4G service
from a national carrier in the United States; offering industry-leading mobile
data services, leading prepaid brands including Virgin Mobile USA, Boost
Mobile, and Assurance Wireless; instant national and international
push-to-talk capabilities; and a global Tier 1 Internet backbone. The American
Customer Satisfaction Index rated Sprint as the most improved company in
customer satisfaction, across all 47 industries, during the last five years.
Newsweek ranked Sprint No. 3 in both its 2011 and 2012 Green Rankings, listing
it as one of the nation’s greenest companies, the highest of any
telecommunications company. You can learn more and visit Sprint at
www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint.

About SoftBank

SoftBank was established in 1981 by its current Chairman & CEO Masayoshi Son
and has based its business growth on the Internet. It is currently engaged in
various businesses in the information industry, including mobile
communications, broadband services, fixed-line telecommunications, and portal
services.

Cautionary Statement Regarding Forward Looking Statements

This document includes “forward-looking statements” within the meaning of the
securities laws. The words “may,” “could,” “should,” “estimate,” “project,”
“forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan,”
“providing guidance” and similar expressions are intended to identify
information that is not historical in nature.

This document contains forward-looking statements relating to the transactions
between Sprint Nextel Corporation (“Sprint”) and SoftBank Corp. (“SoftBank”)
and its group companies, including Starburst II, Inc. (“Starburst II”, now
named “Sprint Corporation”), and the acquisition by Sprint of Clearwire
Corporation (“Clearwire”). All statements, other than historical facts,
including, but not limited to: the expected benefits of the transactions such
as improved operations, enhanced revenues and cash flow, growth potential,
market profile and financial strength; the competitive ability and position of
SoftBank or Sprint; and any assumptions underlying any of the foregoing, are
forward-looking statements. Such statements are based upon current plans,
estimates and expectations that are subject to risks, uncertainties and
assumptions. The inclusion of such statements should not be regarded as a
representation that such plans, estimates or expectations will be achieved.
You should not place undue reliance on such statements. Important factors that
could cause actual results to differ materially from such plans, estimates or
expectations include, among others, factors as detailed from time to time in
Sprint’s, Sprint Corporation’s and Clearwire’s filings with the Securities and
Exchange Commission (“SEC”), including Sprint’s and Clearwire’s Annual Reports
on Form 10-K for the year ended December 31, 2012, and Quarterly Reports on
Form 10-Q for the quarter ended March 31, 2013, and other factors that are set
forth in the proxy statement/prospectus contained in Starburst II’s
Registration Statement on Form S-4, which was declared effective by the SEC on
May 1, 2013, and in other materials that have been filed by Sprint, Starburst
II and Clearwire in connection with the transactions, which are available on
the SEC’s web site (www.sec.gov).

All forward-looking statements contained in this document and the documents
referenced herein are made only as of the date of the document in which they
are contained, neither Sprint nor SoftBank undertakes any obligation to update
any forward-looking statement to reflect events or circumstances after the
date on which the statement is made or to reflect the occurrence of
unanticipated events except as required by law. Readers are cautioned not to
place undue reliance on any of these forward-looking statements.

Contact:

Sprint
Media:
Scott Sloat, 240-855-0164
Scott.sloat@sprint.com
or
Investor:
Brad Hampton, 800-259-3755
investor.relations@sprint.com
or
SoftBank
Japan Media:
SoftBank Press office, + 81-3-6889-2300
or
US Media:
Jim Barron, 212-687-8080
jbarron@sardverb.com
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