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FCC Approves Sprint’s Acquisition of Clearwire And SoftBank’s Investment In Sprint!
July 5, 2013 by Jacob Krol in Communication, Network
Today, is a big day for Sprint as the FCC has approved their acquisition of Clearwire and SoftBank’s investment in Sprint. They voted unanimous to approve the mergers and the investments. Sprint’s shareholders approved the merger last month and with this announcement SoftBank will have a 70% stake in Sprint. As you may remember Dish was trying to beat out SoftBank, but they were the clear winner here. This transition will make Sprint stronger and will provide better service to their customers. Clearwire is happy to be on board as well, they did build America’s first 4G network and will be put to better use with Sprint. SoftBank believes that their investment in Sprint will further innovation and provide better service. It will be exciting how Sprint and it’s strategy moves in the future. Sprint also runs many prepaid brands, those being Virgin Mobile, Boost Mobile, Assurance Wireless, and PayLo Wireless. The prepaid brands are not expecting any immediate changes, but it should provide better service for all of the brands and Sprint. I am happy to see that the deal has gone through and it should bring better service to Sprints customers. More information can be found in the press release below.
Press Release
Federal Communications Commission Approves SoftBank’s Investment in Sprint and Sprint’s Acquisition of Clearwire
OVERLAND PARK, Kan., BELLEVUE, Wash. & TOKYO (BUSINESS WIRE), July 05, 2013 – The Federal Communications Commission announced today that it has voted unanimously to approve the applications filed by SoftBank (TSE: 9984), Sprint (NYSE: S) and Clearwire (NASDAQ: CLWR) related to their transactions announced last year.
This decision completes all Federal government reviews of both SoftBank’s investment in Sprint and Sprint’s acquisition of Clearwire. Sprint’s shareholders approved the SoftBank transaction with Sprint on June 25th. Clearwire’s shareholders are scheduled to vote on the Sprint transaction with Clearwire, which has been recommended by Clearwire’s Board of Directors, on July 8th.
“We would like to thank Acting Chairwoman Clyburn, Commissioners Rosenworcel and Pai, as well as the staff of the FCC for their thorough review of these transactions,” said Sprint CEO Dan Hesse. “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.”
“We appreciate the forward thinking, consumer focused stance the FCC has taken by approving the proposed transaction. As the company that built America’s first nationwide 4G network, Clearwire looks forward to joining Sprint and deploying an even faster and richer 4G experience for consumers across the country,” said Clearwire CEO and President Erik Prusch. “This is the right transaction at the right time to best deploy Clearwire’s spectrum to create a broadband network that will bring additional services and alternatives to wireless consumers.”
“The FCC’s thoughtful review and approval of these transactions represents an important step toward creating a more competitive U.S. wireless marketplace,” said SoftBank Chairman & CEO Masayoshi Son. “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.”
Sprint, Clearwire and SoftBank anticipate that the transactions will close in early July 2013, subject to the remaining closing conditions.
About the Author: Jacob Krol
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