Sprint picks up $1.1 billion in cash with SoftBank leasing deal

A Sprint store in Springfield, Mo. | Nicole Lunger/Missouri Business Alert
A Sprint store in Springfield, Mo. | Nicole Lunger/Missouri Business Alert

Sprint Corp. has announced it will collect a much needed $1.1 billion in cash under the first round of a new funding deal intended to ease its financial strains.

The Overland Park-based wireless carrier announced its deal with a newly created company set up in part by Sprint’s parent company SoftBank Group Corp.

Mobile Leasing Solutions LLC, the provider of the cash, stands ready to do similar deals with Sprint in the future, according to Sprint’s chief financial officer Tarek Robbiati.

Sprint CEO Marcelo Claure has told investors that the leasing company deal will help finance Sprint’s turnaround.

Read more from the Kansas City Star


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