According to a recent Wall Street Journal report, the FCC has approved Softbank’s bid to merge with Sprint, and by extension Clearwire. The process started last year when Softbank and Sprint announced plans for the merger.
Sprint today announced that it has arranged an agreement with Clearwire to buy out the remainder of the smaller company for $2.2 billion, or $2.97 per share. The final price is at the top of the reported ceiling put on the total cost of the acquisition reportedly placed on the deal by SoftBank’s chairman.
Written by: Graeme Philipson | Published in: DealsIn one of the largest deals in IT history, Japan’s Softbank will buy two thirds of major US telco Sprint Nextel for US$20 billion. The deal makes Softbank an international telco giant.
Update: The deal is done. Read more here. Backstory below.
A terse announcement from Sprint moments ago, scheduling a conference call at 4am Eastern (a couple of hours from now) could be a sign that Softbank’s acquisition of Sprint may be coming to a close sooner rather than later.
Sprint’s attempted purchase of Clearwire may have hit a snag, according to a new report from Reuters. Sprint reportedly has a hard cap on how much it can offer to buy out the beleaguered Clearwire, set by SoftBank, which is purchasing a majority stake in Sprint for around $20 billion.