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Publish Date : 17-Oct-2012

Sprint Nextel Corp or Softbank Corp would have to pay up to US$600 million in termination fees, if either party pulls out of the US$20.1 billion deal for the Japanese mobile operator to buy the US wireless carrier.

Softbank said earlier on Monday that it will buy about 70 per cent of Sprint Nextel, giving the company the American toehold it has long desired and Sprint the capital to expand its network and potentially buy peers.

Sprint may have to pay US$600 million under certain circumstances, including if it agrees to a superior offer, while Softbank may be required to pay a similar amount if the deal falls through due to lack of financing, among other conditions.

Sprint is also liable to pay up to US$75 million if its shareholders do not approve the deal.

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