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Finally, the saga is over. All but a formality once the FCC approved, Softbank has merged with Sprint, and will own about 78 percent of shares in the new Sprint Corporation, while current Sprint equity holders will own about 22 percent. Initially announced last fall, things were suddenly complicated when Dish made its own bid for Sprint and Clearwire in the spring. But, that challenge faded, regulatory hurdles were cleared, Clearwire shareholders approved Sprint's buyout and here we are, with Dan Hesse staying on as CEO of Sprint, and Softbank's Masayoshi Son taking over as the chairman of the board of directors. The plan is for this to result in a "stronger, more competitive Sprint," although we'll have to wait and see if that happens all of the details are in the press release after the break.
Filed under: Cellphones, Mobile, Sprint
Source: Sprint
Now that the shareholders -- as well as the FCC -- have officially given the go-ahead, Sprint has finally wrapped up the final odds and ends regarding its acquisition of Clearwire at a value of $5 per share in cash, and now holds 100 percent ownership of the company. The deal, which was expected to close today, will likely be quickly followed up by the carrier's merger with Softbank tomorrow. You'll be able to find the press release after the break, which dives a little deeper into investor-speak.
Filed under: Cellphones, Wireless, Mobile, Sprint
Well, the FCC has already offered its tacit approval of the merger between Sprint, Clearwire and Softbank. And Sprint shareholders are on board with its buyout by Softbank. Really, the last hurdle for this major wireless marriage, was Clearwire's shareholders. Now they've approved the plan to be purchased by Sprint, which in turn will be absorbed by Softbank, putting an end to a long drama over the tiny carrier's future. When Dish decided to exit the bidding war over the company in late June it seemed to be all but a done deal that Sprint, already a majority shareholder of Clearwire, would take over the rest of the company. The deal is expected to be officially closed on July 9th, followed only shortly after by the Sprint and Softbank merger on July 10th.
You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
As expected and predicted, today the Federal Communications Commission approved the merger of American mobile company Sprint with Japanese mobile giant Softbank and broadband service company Clearwire. In its conclusion, the FCC writes, "approval of the proposed transactions, subject to the conditions set forth herein, is in the public interest." This comes just a week after Sprint shareholders gave the thumbs up for proceedings to go forward, and a few weeks after the US Department of Justice did the same. Further, the conclusion goes on to say that the deal has "public interest benefits that likely would result from the proposed transaction, and thus we conclude that the transaction is in the public interest."
The tri-company transaction is through the wringer of governmental bureaucracy, but still has to receive approval from Clearwire's shareholders; that decision is expected on July 8th, and its board of directors have reportedly recommended approval.
Filed under: Cellphones, Handhelds, Tablets, Mobile, Sprint
