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United States : FCC approves SPRINT-CLEARWIRE deal
Publish Date : 09-Jul-2013
The Federal Communications Commission (FCC) unanimously approved Sprint Nextel's deal to acquire mobile broadband carrier Clearwire Corp. on July 5, after more than 6 months of bidding wars.
The sanction of the applications submitted by SoftBank, Sprint, and Clearwire Corp. brings to completion all federal authority reviews of both SoftBank's investment in Sprint and the acquisition of Clearwire by Sprint.
Sprint Nextel's stakeholders accepted SoftBank' deal to acquired Sprint on June 25. Clearwire's shareholders would vote on Sprint's acquisition of Clearwire, which was proposed by Clearwire's Board of Directors, on July 8th.
Sprint's CEO Dan Hesse, said : 'We would like to thank Acting Chairwoman Clyburn, Commissioners Rosenworcel and Pai, as well as the staff of the Federal Communications Commission for their thorough review of these transactions. Just two years ago, the wireless industry was at the doorstep of duopoly, but with these transformative transactions, we are one step closer to a stronger Sprint which will better serve consumers, challenge the market share leaders and drive innovation in the American economy.'
SoftBank Chairman and CEO Masayoshi Son added : "SoftBank's investment in Sprint will bring innovation and increased customer focus, which will enable us to begin creating a true competitor in a market dominated by two companies. We look forward to leveraging the significant talent and resources of the new Sprint to bring innovation and better service to U.S. consumers." Subject to the remaining closing conditions, Sprint, Clearwire, and SoftBank anticipate that the transactions will close in early July 2013.'
