Sprint in Talks to Sell Major Stake of Company

Posted on: 12:13 pm, October 11, 2012, by and , updated on: 12:15pm, October 11, 2012

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OVERLAND PARK, Kan. — Sprint officials confirmed Thursday they are considering selling a major stake of the company to Softbank Corp., a Japanese phone company.

The Wall Street Journal reports Softbank wants to invest $13 billion in Sprint. In a statement released by Sprint, they said in part, “such a transaction could involve a change of control of Sprint.” If the transaction is made, one local expert said it would be great for Sprint and those who work at the Overland Park headquarters.

“They want to be able to use Sprint’s technology, their knowledge, to use it on a worldwide basis, and I think it’s a brilliant move because Sprint is a worldwide company,” said Rockhurt Business Professor, Dr. Anthony Tocco.

Sprint is the third largest cellphone carrier in the United States — behind Verizon and AT&T. In recent weeks, the fourth largest cell phone company, T-Mobile, has been in talks to buy the fifth largest cell phone company, MetroPCS. And now Sprint is in talks with Softbank, which is the third largest cell phone company in Japan.

Tocco said the change wouldn’t add customers right away, but could in the long-term as the company continues to improve its products. Tocco said he also believes Japanese investors will leave Sprint alone and stay in Overland Park, so most of the jobs would remain secure.

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