Japan’s Softbank offers to buy 70 percent of U.S. operator Sprint for $20 billion

Japan’s Softbank said Monday it has reached a deal to acquire a 70 percent stake in U.S. mobile operator Sprint Nextel for $ 20 billion, forming one of the world’s largest telecom operators. The companies said the deal would allow aggressive Softbank to expand into the U.S. market and become a global force, with the new, combined entity becoming the third-largest operator in the world by revenue. The deal will also provide $ 8 billion in new capital to Sprint for its network and to shore up its finances.

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