Jump to navigation

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Futures          
       
more >>

We Asked Traders

We asked traders for their opinion on the launch of bitcoin futures

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

Energy demand steps back in play
Advertisement
more Volatility>>

Volatility

Volatility & opportunity in the energy sector
more Financials>>

Financials

Daily Price Action: E-mini S&P 500
more Options>>

Options

Trading Vertical Option Spreads

Advertisement

Sprint sets sights on Verizon-led rivals as deal fight ends

By Scott Moritz, Alex Sherman and Madeline McMahon, Bloomberg

June 26, 2013 • Reprints

Sprint Nextel Corp., whose investors backed a takeover by SoftBank Corp. yesterday after an eight-month fight, is now preparing to use the firepower of its soon- to-be parent company to target Verizon Wireless and AT&T Inc.

The company stands to get about $5 billion from Tokyo-based SoftBank to help bolster its network and make acquisitions. While Sprint would have received more cash under a previous agreement that was changed to increase the payout to investors, the long-struggling company now has the wherewithal to better challenge its larger rivals.

“Now that the drama of the battle for Sprint has ended, SoftBank can focus on building a better wireless-data network that is needed to compete with AT&T and Verizon,” said Walt Piecyk, an analyst at BTIG LLC in New York.

Sprint, a distant third to Verizon and AT&T in the U.S. wireless market, is counting on a speedy new LTE network to win over customers and bring service to a range of devices. For SoftBank, a Japanese carrier with global ambitions, the idea is to apply its expertise in building fourth-generation networks and use Sprint as the stepping stone to a mobile-phone empire.

The combined company will be the sixth-largest telecommunications company globally by revenue and the second- biggest among mobile Internet carriers, according to data compiled by Bloomberg.

Sprint shareholders overwhelmingly approved the $21.6 billion deal at a meeting yesterday, with about 98% of the votes cast favoring the transaction. SoftBank, which has three of the four regulatory approvals needed to do the Sprint deal, still requires a final nod from the U.S. Federal Communications Commission.

More Competitive

“Sprint will be in a stronger competitive position, with greater financial flexibility, increased scale and additional industry knowledge and perspective,” said Scott Sloat, a spokesman for Overland Park, Kansas-based Sprint.

Mark Siegel, a spokesman for Dallas-based AT&T, declined to comment on the threat from Sprint following the merger. Brenda Raney, a spokeswoman for Basking Ridge, New Jersey-based Verizon Wireless, also declined to comment.

Sprint shares rose less than 1 percent to $6.94 at 9:58 a.m. in New York. The stock had gained 21 percent this year, as of yesterday, lifted by the bidding war. SoftBank fell 0.2 percent to 5,420 yen at the close of trading in Tokyo, paring its gain this year to 73 percent.

Page 1 of 2
>>next >

About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Related Articles
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
GBP/USD drops as weak CPI reduces BoE May rate rise odds
Previous
Libor to oil targeted by EU deal on tougher market-abuse law
Next
Can we still anticipate a record U.S. soybean crop?
Related Terms
Bloomberg 5254financials 2975stocks 2123equities 1689New Jersey 590Kansas 240telecommunications 82AT&T 81AT&T Inc. 57M&A 50Vodafone Group Plc 34Verizon Wireless 31Sprint Nextel Corp. 29BTIG LLC 29At&t 22Sprint 20Edward Jones 20Clearwire Corp. 13verizon 12SoftBank Corp. 11Masayoshi Son 9Dish Network Corp. 8Dan Hesse 8Softbank 6Telecomms 4satellite 4wireless market 3Walt Piecyk 3Scott Sloat 3SoftBank Holdings Inc. 2Overland Park 2Nextel 2satellite-television 24G networks 2U.S. Federal Communications Commission 2Brenda Raney 2Mark Siegel 2Ron Fisher 2Basking Ridge 1wireless Internet service 1mobile Internet carriers 1wireless-data network 1wireless data 1focus on building a better wireless-data network 1David Heger 1

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images