After months of wrangling, Sprint has completed its purchase of the remaining 49 percent of Clearwire that it didn't already own. The transaction closed less than one day after Clearwire shareholders approved it in a special meeting held July 8.
Clearwire shareholders approved majority owner Sprint's purchase of the remaining 49 percent of the company that it doesn't already own. The vote puts to rest the bidding war for Clearwire between Sprint and rival Dish Network.
SoftBank CEO Masayoshi Son said that is company is planning to invest $16 billion in Sprint over the next two years. In an interview with Japanese news service Nikkei, Son said that SoftBank wants to make Sprint a more serious challenger for its rivals AT&T and Verizon Wireless which each have nearly twice as many customers as Sprint.
As expected the FCC announced that it unanimously approved SoftBank's $21.6 billion investment in Sprint and Sprint's acquisition of Clearwire, completing the commission's review of the transactions. Sprint's shareholders approved the SoftBank deal June 25 and Clearwire's shareholders are scheduled to vote on Sprint's acquisition of Clearwire on July 8.
Japanese operator SoftBank's $21.6 billion bid for Sprint is said to have received the approval of the FCC. Although the regulatory body has made no formal announcement Bloomberg citing people familiar with the deal, reported that two of the FCC's three commissioners have approved the transaction. That approval includes Sprint's offer to purchase the rest of Clearwire that it doesn't already own.
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Comcast said Friday that it named former Cox Communications executive Matthew Fassnacht VP of the Washington region for its Comcast Business unit.
Regulators at the FCC will not push Sprint Nextel or Clearwire to divest spectrum as they review Japanese operator SoftBank's proposed acquisition of Sprint and Sprint's proposed purchase of Clearwire, according to a Reuters report.
Dish Network pulled its offer of $4.40 per share to acquire Clearwire, clearing the way for majority owner Sprint to take control of the broadband wireless provider.
Dish Network formally withdrew its $4.40 per share tender offer for Clearwire, abandoning its pursuit of the wireless company and clearing the way for majority owner Sprint Nextel to take control of Clearwire.