Softbank, a Japanese-run communications firm, has received the US Federal Communications Commission's approval of the US$21.6 billion acquisition deal for Sprint.
The approval will also make way for Sprint's full control over Clearwire, a wireless broadband provider. Sprint currently owns more than half of Clearwire but is planning to acquire the rest of the company for US$3.7 billion. Clearwire shareholders will decide on that plan in a meeting on July 8.
The approval was the final step to Softbank's deal to finally acquire Sprint. Sprint shareholders, last month, approved a deal that assured Sprint shareholders US$7.64 per share. This deal will see Softbank owning 78% of the company.
Analysts following the deal see a better carrier poised to match against industry leaders such as Verizon Wireless and AT&T. The company will have around half the number of subscribers compared to its competitors but it will have stronger radio spectrum in major cities. Sprint representatives have said that it expects the deal to close in early July.
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