DOJ Clears Softbank's Acquisition of Sprint
The U.S. Department of Justice on Friday cleared Softbank's proposed acquisition of Sprint Nextel, opening the way for Federal Communications Commission (FCC) to rule on the deal.
In January, the Justice Department, including the Federal Bureau of Investigation, asked the FCC to defer action on the proposed buyout so it could further study the deal.
"The Agencies have reviewed the information provided by the Applicants and analyzed the measures undertaken by the Applicants to address potential national security, law enforcement, and public safety issues, including supply chain issues. Based on this review, the Agencies hereby notify the Commission that they have no objection to the grant of the applications," reads a letter sent by the DOJ to the FCC.
According to the proposed deal, Softbank would invest about $20 billion in Sprint and acquire 70 percent of the company's shares.
"The Agencies have reviewed the information provided by the Applicants and analyzed the measures undertaken by the Applicants to address potential national security, law enforcement, and public safety issues, including supply chain issues. Based on this review, the Agencies hereby notify the Commission that they have no objection to the grant of the applications," reads a letter sent by the DOJ to the FCC.
According to the proposed deal, Softbank would invest about $20 billion in Sprint and acquire 70 percent of the company's shares.