Japanese mobile operator Softbank Corp. said it will buy 70 per cent of Sprint Nextel Corp for $20.1 billion, giving Softbank the American toehold it has long desired and Sprint the capital to expand its network and potentially buy peers. The deal for the third-largest U.S. wireless carrier represents the most a Japanese firm has spent on an overseas acquisition. Part of the deal involves a direct infusion of billions of dollars into Sprint, giving it the firepower to build out its 4G network to compete in a market dominated by AT&T Inc and Verizon Wireless.
