Sprint Nextel is now Sprint Corporation as SoftBank completes takeover


Sprint Nextel is no more. Japan’s SoftBank completed its protracted takeover of the US’s third largest mobile carrier today, giving it a controlling stake in what is now Sprint Corporation. The deal is worth $ 21.6 billion, including $ 5 billion in cash to boost the company’s balance sheet and $ 16.6 million to be distributed to Sprint shareholders.

The name change removes an albatross that had long hung around Sprint’s neck following its $ 36 billion acquisition of Nextel in 2005. After failing to successfully integrate the two networks, Sprint wrote off $ 29.7 billion on the purchase in 2008, wiping out over 80 percent of Nextel’s value. Nextel’s iDEN push-to-talk network was shut down at the end of last month.

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