OVERLAND PARK, Kan. - The Sprint Nextel Corporation announced Monday that SoftBank will buy a 70 percent stake in Overland Park-based Sprint in exchange for $20.1 billion.
Bill White, Senior Vice President of Communications at Sprint says Sprint headquarters will remain in Overland Park.
White says the 7,500 employees in Overland Park will stay.
"By having Sprint have this relationship, this strategic investment with SoftBank, it allows Sprint to be able to compete much more effectively," White said Monday. "We have a strong financial position. We have a strong network position and it will also enhance the customer experience. "
The SoftBank Sprint deal will give Sprint the cash to possibly enhance its 4G LTE network, which already trails behind other wireless providers including AT& and Verizon Wireless.
White says this acquisition will make Sprint bigger and better.
"A strong company creates jobs, not just for Sprint but for other start ups and other companies around it," he said. "It means for jobs for people that do supply work for Sprint and for people that do their start up internet companies or want to create applications. "
In the meantime, U.S. regulators and Sprint shareholders have yet to approve the deal. Sprint says the company expects the closing of the merger transaction to occur in mid-2013.
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