Struggling cellphone service Sprint/Nextel has agreed on a very bold move. Selling 70% of itself to a Japanese company known as Softbank, for $20.1 billion, Sprint hopes that this move will save their sinking ship.
The deal has is not 100% official as of yet. Approval by regulators and shareholders is still uncertain, but the deal has been approved by the boards of both Softbank and Sprint. The final closing of the transactions is predicted to close in mid-2013, but cannot be made certain. Since word of negotiations surfaced last Friday, shares in Sprint have already risen 14%
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