Softbank receives regulatory approval for $21.6b Sprint acquisition

FCC gives the go-ahead.

In a disclosure to the Singapore Exchange, Softbank Corp. announced that on July 5, 2013 (EDT), the Federal Communications Commission (FCC) announced that it has voted unanimously to approve the applications filed by the Softbank Corp and Sprint Nextel Corporation (Sprint) relating to the former's investment in the latter.

SoftBank Corp will invest approximately $21.6 billion (approximately JPY 1.8 trillion) in Sprint. As a result of the transaction, Sprint will become a wholly-owned subsidiary of New Sprint, and the Company will own approximately 78% of the fully-diluted shares of New Sprint.

The FCC approval completes the regulatory review process required to close the transaction. Softbank Corp and Sprint anticipate consummating the transaction in early July, 2013.