Andre Yoskowitz
6 Jul 2013 18:31
The FCC has formally approved Japanese carrier SoftBank's acquisition of Sprint, and approved Sprint's purchase of the rest of Clearwire and its 4G spectrum.
In their statement, the FCC says the deal would serve the public interest and "accelerate the deployment of mobile broadband services and enhance competition."
Softbank, Japan's third largest carrier, will pay $21.6 billion for a controlling 78 percent stake in Sprint, the U.S.' third-largest carrier.
As part of its approval, SoftBank has agreed to not use Chinese networking equipment in the U.S.
"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."