Softbank Strikes $20B Sprint Deal

    President of Japan's mobile carrier Softbank Masayoshi Son (L) shakes hands with the CEO of the third largest mobile carrier in the US, Sprint Nextel's Dan Hesse (R), as they announced Softbank will acquire Sprint Nextel in Tokyo on October 15, 2012. Japanese mobile carrier Softbank announced a monster deal to take control of US-based Sprint Nextel for about 20 billion USD in the biggest-ever overseas acquisition by a Japanese firm.    AFP PHOTO / Yoshikazu TSUNO        (Photo credit should read YOSHIKAZU TSUNO/AFP/GettyImages)

    AFP / Getty Images

    Japanese mobile-phone company Softbank announced Monday that it had struck a more than $20 billion deal to buy three quarters of U.S.-based Sprint Nextel. The acquisition is the largest foreign buy ever conducted by a Japanese company. Announced Monday in Tokyo, the purchase has been approved by the boards of both companies, but still requires the approval of regulators in the U.S. and Sprint shareholders. Softbank president Masayoshi Son said the deal made good sense because of America’s massive smartphone market.

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