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Sprint Nextel Corp Files For Federal Communications Commission Approval For Softbank Corp Deal-Reuters


Thursday, 15 Nov 2012 06:12pm EST 

Reuters reported that Sprint Nextel Corp on November 15, 2012 asked the Federal Communications Commission for approval of its agreement to sell 70% of the Company to Japan's Softbank Corp. Softbank announced a plan to spend $20 billion to take control of Sprint Nextel Corp, on October 15. The Companies, which expect the deal to be completed by mid-2013, need FCC approval for the transfer of control of Sprint's spectrum licenses to Softbank. The Company said that the application also requests approval for Softbank to take over its stake in Clearwire. They will also require a go-ahead from the U.S. Department of Justice. Analysts have said that they expect the U.S. to approve the deal without much controversy as it doesn't change the number of competitors in the market. The Company said in the filing that the Softbank investment would improve the market by creating a more vibrant rival to compete with AT&T and Verizon Wireless. Because it is selling more than 25% of the Company to a foreign entity Sprint had to ask for a declaratory ruling to gain approval for the deal. 

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