SoftBank expects Sprint deal to be complete in 2 days
SoftBank finally received clearance from the Federal Communications Commission (FCC) last week in its bid to purchase 70% of U.S. wireless carrier Sprint Nextel Corp. The FCC approval was the last hurdle in this long journey, so SoftBank is saying that things should move very quickly from here on. In fact, SoftBank expects the Sprint deal to be complete in just two days from now, on Wednesday July 10th.
SoftBank had originally put in a bid to purchase Sprint last year, but a competing bid from DISH complicated matters, until DISH finally dropped out of the running in order to focus its efforts on purchasing Clearwire, although even that plan seems to be falling through.
SoftBank has agreed to pay $21.6 billion in order to acquire a 70% share of Sprint.