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FCC approves Softbank's $21.6B acquisition of Sprint |
July 06, 2013
The U.S. Federal Communications Commission has approved the $21.6 billion acquisition of Sprint by Japanese telecommunications group Softbank, saying it promises to bring consumers faster and more advanced wireless broadband Internet service.The go-ahead from the FCC was the final hurdle to Softbank consummating the deal. Sprint shareholders in late June approved the acquisition that will see Softbank pay $7.64 per share, for a total of $16.64 billion in cash, and invest about $5 billion of new capital into Sprint. It will own 78 percent of the new company.Friday's decision also helps clear the way for Sprint to take full control of Clearwire, a struggling but spectrum-rich wireless broadband provider. Sprint already owns just over half of Clearwire, which provides the network for its 4G WiMax service, and is planning to spend $3.7 billion to acquire the rest of the company.Clearwire shareholders are due to vote on that plan on July 8.To read this article in full or to leave a comment, please click here
Link: http://www.pcworld.com/article/2043724/fcc-approves-softbanks-216b-acquisition-of-sprint.html#tk.rss_all
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