The forth biggest wireless carrier in the U.S, Sprint has signed a deal with newly formed Mobile Leasing Solutions for the sale and lease-back of certain leased devices which is expected to provide the company with approximately $1.1 billion in cash. Mobile Leasing Solutions was formed and backed by a group of equity investors including SoftBank, the operator's majority owner.
Brightstar through its Financial Services Business provided support in structuring the transaction, including assisting in the formation of Mobile Leasing Solutions, which is utilizing Brightstar's Lease Management and Tracking System. Brightstar has also been contracted to provide reverse logistics and device remarketing services, which will include a forward purchase agreement that is being finalized with Foxconn, minimizing the downside risk of future changes in device residual values for the company.
Sprint CFO Tarek Robbiati
Sprint and SoftBank have worked together to create a unique structure that advances a very high percentage of the total value of certain devices leased to our customers, including the device residual values.
