SoftBank's Sprint Acquisition and T-Mobile Merger (2013-2020)
SoftBank acquired 80% of Sprint for $20.1 billion in 2013, betting on U.S. telecom infrastructure. Sprint struggled with debt and subscriber losses for seven years. After failed merger attempts in 2014 and 2017, Sprint finally merged with T-Mobile in 2020, diluting SoftBank's stake to 24% of the combined entity. The Sprint brand was retired in August 2020.
SoftBank gained U.S. telecom exposure but Sprint continued losing market share and burning cash.
T-Mobile merger provided exit liquidity but at a steep discount to SoftBank's original investment thesis.
Demonstrates Son's pattern: massive infrastructure bets with long timelines and mixed results. DigitalBridge is SoftBank 2.0—trading telecom towers for data centers, but the same execution risks apply.
