FCC approves Sprint and SoftBank deal

The Federal Communications Commission (FCC) has officially given the green light to SoftBank’s $21.6 billion bid for Sprint Nextel as well as Sprint’s purchase of Clearwire. They made the announcement on friday that it voted unanimously to approve SoftBank’s buy of Sprint as well as Sprint’s purchase of the rest of mobile broadband provider Clearwire.

Sprint CEOSprint shareholder last week approved an offer from Japan’s SoftBank to buy the company after it underwent a bidding war with Dish Network. The company has been in discussions with Softbank since October last year, since it initially offered $20.1 billion to buy the mobile carrier, Dish Network did a counteroffer of $25.5 billion, then SoftBank countered that with a $21.6 billion offer which it claims would offer shareholders greater cash consideration.

“Dish also made an unsolicited bid to acquire Clearwire, which is majority-owned by Sprint. Sprint had announced in December that it planned to buy the remaining shares of Clearwire and combine its network and spectrum assets with its own.” Sprint bid on the other portion of Clearwire that it doesn’t already own will be voted on by minority shareholders on July 8.

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