Billionaire Masayoshi Son said SoftBank Corp.’s plan to spend more than $40 billion upgrading its network and acquiring Sprint Nextel Corp. will help transform Japan’s No. 3 mobile carrier into the world’s No. 1.
SoftBank Corp., the Japanese carrier bidding to take over Sprint Nextel Corp. in a $20.1 billion deal, plans to sell 400 billion yen ($3.9 billion) of bonds targeting individual investors to fund the purchase.
Softbank Corp., which offered $20.1 billion for control of Sprint Nextel Corp., isn’t currently planning to raise its offer after Dish Network Corp. made a competing bid, an executive at the Japanese company said.
A U.S. Justice Department request to defer regulatory action on Softbank Corp.’s $20 billion bid for Sprint Nextel Corp. follows criticism that an acquisition could expose domestic networks to Chinese companies.
In 2010, Masayoshi Son, the billionaire founder of Softbank Corp., laid out a plan for the next 300 years. For a start, he would invest in 5,000 companies by 2040, giving his unborn successors a base to build on.