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Softbank to buy Sprint after FCC clears the way

by on09 July 2013

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Clearwire to be taken over by Sprint as part of deal

The FCC has announced that the barriers making a three-way merger between SoftBank, Sprint, and Clearwire have been removed. This means that Japan’s SoftBank will purchase Sprint in a $21.6 billion dollar deal that has already been approved by Sprint shareholders.

The Sprint bid to purchase Clearwire would see Sprint purchase the remaining 50 percent of Clearwire for $5 per share. The Clearwire board has apparently recommended that shareholders accept the deal.

Sprint looks for both of the transactions to close before the end of July. Once the deals close, this ends a chapter in a process of a number of offers and counteroffers. SoftBank looks to use both Sprint’s and Clearwire’s 4G spectrum to improve service and bring in new customers, which is something Sprint could really use.

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