The Federal Communications Commission says it approved Softbank Corp.'s bid for Sprint Nextel Corp.
The Federal Communications Commission says it approved Softbank Corp.’s bid for Sprint Nextel Corp.
The FCC gave thumbs up to the $21.6 billion deal on Friday, completing the U.S. government’s review of the Japanese company’s investment in Sprint. Softbank will have a 78 percent stake in Sprint, the third largest U.S. wireless carrier.
The FCC also approved Sprint’s plan to buy the half of wireless operator Clearwire that it does not already own.
Softbank, based in Tokyo, has said it expects the Sprint deal to close this month, once it received FCC approval.
Most Read Business Stories
- Boeing made an entire fake neighborhood to hide its bombers from potential WWII airstrikes
- 1 house, 45 offers: Homebuyers in Western Washington hard-pressed as supply remains scarce
- 55,000 in Washington state may have to pay back thousands in jobless benefits
- Seattle artists worry potential sale of historic INS building could spell the end for their studios
- Frontier cancels flight, citing maskless passengers
Sprint is based in Overland Park, Kan.