Softbank to purchase 70% stake in Sprint

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Sprint Nextel agreed Monday to sell 70% of its company to Japanese tech giant Softbank, said Charles Riley of CNNMoney.

The deal, which is worth $20.1 billion, looks to bolster Sprint, who has been struggling to keep up with competitors AT&T and Verizon, Riley said.

Softbank's plan to pay for the share of the company is so complex that the news release explaining it contained three flow charts, among a myriad of other data, said Phred Dvorak and Kana Inagaki of the Wall Street Journal.

Sprint has been struggling since they bought Nextel in 2005, and are currently dealing with a ton of debt, said Peter Svenssonyuri Kageyama of Business Week.

Softbank is Japan's third-largest wireless carrier, and also has holdings in the game company Zynga, Yahoo and recently bought Vodafone's Japan unit, said Riley.

Riley also said Sprint's current CEO, Dan Hesse, will stay in his current job.

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