Done Deal: SoftBank Now Firmly in Control of Sprint

Sprint said has completed a deal to sell a controlling interest in the company to Japan’s SoftBank. With the deal’s closure, SoftBank now owns 78 percent of Sprint after investing $21.6 billion in the company.

Of that, $16.6 billion will go to Sprint shareholders with $1.9 billion more (for a total of $5 billion) being added as new capital into Sprint itself. Sprint is also shedding the Nextel from its corporate name, which is especially apt since the Nextel network was shuttered at the end of June. Dan Hesse will remain CEO, while SoftBank chief Masayoshi Son will become the company’s chairman and SoftBank U.S. head Ronald Fisher will serve as Sprint’s Vice Chairman.