Deals & Suits
Some analysts speculated that Sprint Nextel Corporation would try to thwart the planned merger of T-Mobile USA and MetroPCS Communications Inc. by launching a hostile bid for MetroPCS. Instead, Sprint Nextel agreed to sell a 70 percent stake to Softbank Corp. for $20.1 billion, in what would be the largest foreign acquisition ever by a Japanese company. The announcement came on October 15, less than two weeks after U.S. cell phone rivals T-Mobile and MetroPCS signed their deal. Sprint Nextel's 56 million subscribers make it the third-largest cell phone carrier in the United States after AT&T Inc. and Verizon Communications Inc. T-Mobile is fourth, MetroPCS sixth.
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