Report: Sprint Nextel Reaches Deal with Japanese Mobile Company

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OVERLAND PARK, Kan. --  Cable business network CNBC is reporting Sprint Nextel has reached an agreement to sell 70% of the company to a mobile carrier from Japan.

The deal is reportedly worth $20 billion.

It is the largest foreign acquisition in Japan.

Sprint previously confirmed it was in discussions with the Japanese company "Softbank." The deal involves the Overland Park-based company, and was announced at about 3 a.m. Monday morning Central Time, which is about dinner time in Japan

Sprint has about $21 billion in debt.

"We will use those proceeds in whatever ways we think will maximize shareholder value," said Dane Hesse, the CEO of Sprint. "The internal investments, external investments could possibly be to retire debt."

The purchase will combining the #3 mobile carriers in both Japan and the United States, with 96 million customers.

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