by Christopher Freeburn | July 3, 2013 9:18 am
Sources tell Bloomberg that two of the three members of the Federal Communications Commission (FCC) have voted to approve Softbank‘s acquisition of a majority stake in Sprint (S).
The Japanese telecommunications giant will pay $21.6 billion to acquire 78% of the third largest U.S. wireless carrier. Included in the FCC’s approval is clearance for Sprint’s subsequent purchase of the outstanding stake in wireless service provider Clearwire (CLWR).
Anti-trust regulators have already cleared the purchase. The deal also received approval from national security authorities after Softbank and Sprint agreed to restrict the use of network equipment manufactured by a Chinese company.
Softbank launched its bid for Sprint last year. However, satellite TV service Dish Network (DISH) made a surprise bid for Sprint earlier this year, forcing Softbank to increase its offer for the wireless carrier.
Dish ultimately withdrew its offer. Sprint shareholders voted in favor of the Softbank acquisition on June 25.
Shares of Sprint slipped slightly in pre-market trading on Wednesday morning.
Source URL: http://investorplace.com/2013/07/fcc-gives-sprint-deals-the-green-light/
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