Friday, July 5, 2013

FCC Clears Softbank-Sprint-Clearwire Without Conditions

The FCC approved Sprint's acquisition of the remaining shares of Clearwire that it doesn't already hold, and Softbank's subsequent acquisition of Sprint. There were no special conditions imposed by the FCC in granting approval.

The deals required FCC approval in order to transfer control to SoftBank of various wireless licenses and leases, domestic and international section 214 authorizations, earth station authorizations, interests in submarine cable licenses, and cable television relay service
station licenses held by Sprint and its subsidiaries.

The FCC ruled that the transactions are in the public's interest and are not likely to lead to any competitive harm to the market.

SoftBank will pay approximately $16.64 billion to purchase shares from existing Sprint shareholders. It has also agreed to invest an additional $5 billion in Sprint's network.

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