SoftBank to invest $16B in Sprint, open research center

SoftBank expects to complete its deal to acquire 78% of Sprint Nextel on Wednesday, and CEO Masayoshi Son said he would double the carrier's capital spending investment to $16 billion in order to challenge AT&T and Verizon Wireless. Son also expressed plans to hire up to 1,000 employees at a new Silicon Valley-based joint hardware and software research center. Sprint investors oversubscribed to the cash option in lieu of receiving SoftBank shares, meaning they will receive $5.65 a share and about 0.26 share in the new company for each of their Sprint holdings. Also, as expected, Clearwire investors voted overwhelmingly to approve Sprint's bid to buy the shares in the wireless provider that it does not already own.

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