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Sprint shareholders approve SoftBank acquisition

News by Andrew Kameka on Tuesday June 25, 2013.

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Sprint shareholders overwhelming voted in favor of the $21.6 billion merger agreement reached with Japanese carrier SoftBank. Despite vocal opposition in the early days of the proposal and a counterbid by DISH that the carrier ultimately declined, Sprint shareholders approved SoftBank's purchase of nearly 80 percent of the company.

Approval of the merger was expected following last week's declaration that DISH and Sprint had called off attempts to reach an agreement to merge. Having already won the approval of its stockholders, Sprint needs only to win the approval of the U.S. government. The Committee on Foreign Investment in the United States has already cleared SoftBank of security concerns, and Sprint has entered into an agreement with the NSA not to use Huawei components in its network. Once the deal gains the approval of the FCC, Sprint and SoftBank can officially begin working towards making the carrier more competitive with AT&T and Verizon.

Sprint now expects the deal to close in a matter of weeks. According to its announcement, it anticipates the merger becoming official in "early July 2013." The company can then turn its focus towards completing its purchase of Clearwire, a carrier it is now competing with former suitor DISH to control.

source: Sprint

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Andrew Kameka
Andrew is based in Miami, Florida.

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