SoftBank buys 70% stake in Sprint

Michael J. De La Merced and Neil Gough, in The New York Times:

In a statement on Monday, SoftBank, a big Japanese telecommunications company, said it would pay $8 billion to buy newly issued Sprint stock worth about $5.25 a share. It will then pay $12.1 billion to buy existing stock from other investors at $7.30 a share, a premium to current levels.

This could be a very big deal. Sprint just became a strong third place again to Verizon and AT&T.