UPDATE, 4:58 PM SUNDAY: CNBC is reporting that Softbank will pay $20 billion for a 70% stake in Sprint, citing sources close to the deal. Although details are still being worked out, the deal is expected to be announced tomorrow morning after the boards of both companies ratify the agreement this evening. Terms of the deal call for Softbank to buy $8 billion worth of shares directly from Sprint at a price of $5.25 each plus tender for another $12 billion worth of shares from existing holders at a price of $7.30 per share. Sprint’s current price is $5.73. While a related Sprint purchase of Clearwire is not likely to be announced tomorrow, sources say the company is working on it and needs to insure Clearwire is under its control prior to closing the Softbank deal.
PREVIOUSLY, THURSDAY PM: Backfield’s in motion among the wireless and wireless broadband companies that have become so important to the infotainment industry. (more…)