SoftBank Corp. chairman and chief executive Masayoshi Son is asking banks to commit financing for longer than usual as he pushes for Sprint’s purchase of T-Mobile US Inc., which is expected to draw intense regulatory scrutiny.
In turn, lenders to Overland Park, Kan.-based Sprint are asking for higher fees to finance the takeover. Sprint, whose controlling shareholder is Toyko-based SoftBank, is planning to acquire T-Mobile for about $32 billion, people with knowledge of the matter said.
The companies expect the Federal Communications Commission and the Department of Justice to take at least a year to review the deal. Son is pursuing the purchase even as regulators insist they want to preserve four competitiors in the U.S. wireless marketplace, where Sprint and T-Mobile rank third and fourth, respectively.