Softbank founder Masayoshi Son has had to fight off stiff competition to acquire the stake
Japan's SoftBank will become one of the world's largest mobile operators after shareholders in Sprint Nextel backed its revised bid for a 78% stake in the business.
SoftBank will pay $21.6bn (£13.9bn) for the stake in Sprint, which is the US's third-largest phone carrier.
SoftBank's revised bid increased its offer of cash payments to Sprint shareholders.
The deal is the largest overseas acquisition by a Japanese firm.
US firm Dish Network which had also bid for Sprint, last week pulled out of the race to buy Sprint Nextel.
"The transaction with SoftBank should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility," Dan Hesse, chief executive of Sprint said in a statement.
Source: BBC News - Business http://www.bbc.co.uk/news/business-23058424#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
