Sprint Shareholders Approve SoftBank Deal; Last Up Is the FCC
SoftBank’s $21.6 billion deal to buy Sprint got the hearty approval of Sprint shareholders today, with 98 percent of the votes at a special shareholder meeting cast in favor.
Having been cleared by the Department of Justice, the deal’s last hurdle is the Federal Communications Commission, which also has to look at Sprint’s own proposed acquisition of Clearwire — which Dish is also bidding for. The FCC declined comment on when it plans to vote on the deal.
Clearwire shareholders are expected to vote on July 8. Sprint said it expected to consummate the Softbank deal early next month.
SoftBank said in an emailed comment, “We are pleased to have the overwhelming support of Sprint shareholders. We look forward to receiving FCC approval and promptly completing the transaction so that we can begin implementing our plans to deploy an advanced Sprint network that supports innovative devices and service packages tailored to the rapidly expanding mobile needs of U.S. consumers.”