FCC OKs SoftBank's Investment In Sprint And Sprint's Acquisition Of Clearwire

(RTTNews) - The Federal Communications Commission announced that it has voted unanimously to approve transactions among SoftBank Corp (SFTBF.PK, SFTBY.PK), Sprint Nextel Corp. (S) and Clearwire Corp. (CLWR).

This decision completes all Federal government reviews of both SoftBank's investment in Sprint and Sprint's acquisition of Clearwire. The companies expect the transactions to close in early July 2013, subject to the remaining closing conditions.

On June 25, Sprint's shareholders approved the SoftBank transaction with Sprint, while Clearwire's shareholders are scheduled to vote on the Sprint transaction with Clearwire, which has been recommended by Clearwire's board, on July 8th.

Sprint CEO Dan Hesse, said, "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"

Clearwire CEO and President Erik Prusch, stated, "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,"

SoftBank Chairman & CEO Masayoshi Son, said, "The FCC's thoughtful review and approval of these transactions represents an important step toward creating a more competitive U.S. wireless marketplace. 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"

S closed Friday's session at $7.16, while CLWR closed the session at $5.00.