Some details about SoftBank/Sprint: 55% of existing Sprint (S +0.5%) shares will be purchased at...

|About: Sprint Corporation (S)|By:, SA News Editor
Some details about SoftBank/Sprint: 55% of existing Sprint (S +0.5%) shares will be purchased at $7.30/share for $12.1B. Another $8B will be spent to obtain Sprint shares (via new stock and a convertible bond) at $5.25 apiece. SoftBank will also get a warrant to buy 55M shares at $5.25. The deal is expected to close in mid-2013. Though Sprint isn't required to take any action regarding Clearwire (CLWR +20.3%), that $8B could facilitate a future deal, while allowing Sprint to pay down part of its $21B debt load. Dan Hesse will remain Sprint's CEO.