FCC Votes to Approve Merger-Acquisition for Sprint – SoftBank – Clearwire

In a press release, the three companies involved announced that the Federal Communications Commission (FCC) has voted unanimously to approve the partnership funding and acquisition business relationship between SoftBank (TSE: 9984), Sprint (NYSE: S) and Clearwire (NASDAQ: CLWR).

The move now gives Sprint the cash infusion it needs to move forward with its acquisition of Clearwire, allowing the wireless carrier to take advantage of Clearwire’s spectrum to enhance its broadband offerings to consumers. Although Sprint’s shareholders have already voted to approve the SoftBank transaction, Clearwire’s shareholders have their vote coming up in just a few days on July 8.

“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.”

Sprint CEO Dan Hesse commented on the favorable FCC ruling and its impact on his company saying, “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.”

While Clearwire provides Sprint the technological edge they need to compete in the wireless broadband and cellular arena, it is financial backing from Japan’s SoftBank which will give the company the fiscal stamina to go head-to-head with its competitors.

“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.”