Tech Business Recap: Softbank Borrowing Heavily To Buy Sprint
Softbank Corp (SFTBF.PK) is negotiating a massive loan with three major Japanese financial groups, including Sumitomo Mitsui (NYSE:SMFG), Mizuho (NYSE:MFG), and Mitsubishi UFJ (NYSE:MTU). The former wants to borrow $23 billion to fund its offer for Sprint Nextel Corporation (NYSE:S), according to Reuters. Sprint might be worth $17.3 billion, but it also carries nearly $15 billion of debt. Meanwhile, investors in Japan have not reacted very well to news of the talks, as Softbank’s shares closed down 17 percent there.
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