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FCC to Approve Sprint’s Deals with SoftBank and Clearwire

Jul 3 2013, 7:28am CDT | by , in News | Technology News

The FCC has finally approved of Sprint’s deals with both SoftBank and Clearwire. After being put to the vote, the decision was finalized on the fifth day. The deal is real and it is sealed. SoftBank's $21.6 billion bid for Sprint won FCC support. Also Sprint’s deal to buy half of Clearwire is approved.

FCC to Approve Sprint’s Deals with SoftBank and Clearwire
 
 

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FCC to Approve Sprint’s Deals with SoftBank and Clearwire

FCC to Approve Sprint’s Deals with SoftBank and Clearwire

Federal Communications Commission chairwoman, Mignon Clyburn sent an issue regarding certain mutual deals between Sprint, SoftBank and Clearwire, to be voted upon. According to Bloomberg, at least two of the three officials responsible for judgment on the matter have spoken out in favor of the deals. What these series of deals entail includes an acquisition of Sprint by the Japanese SoftBank. And Sprint in turn will be merging with Clearwire completely. The FCC will allow both of these deals to occur smoothly. The process was all set to be tripped by Dish which played out its high-end lottery ticket to acquire both Sprint and Clearwire by proxy. This move was derailed by SoftBank.

Softbank was quick on its feet and shelled out even more than its usual payment for Sprint. Sprint in return bought off Clearwire thereby proving that all is well that ends well. Dish was left high and dry. It sure was a ride to the loony bin for all three merging companies. After such a series of twists and turns in the plot finally the seal of approval has been applied to the process. In a way it brings to mind the AT&T- T-Mobile love-hate relationship. The whole series of deals cost a cool $21.6 billion.

The Japanese SoftBank has emerged as the victor leaving the covetous Dish in a lurch. Discussions had been taking place between Sprint and SoftBank since winter of last year. The bid was for $20.1 billion in the beginning. Then when Dish intervened with a $25.5 billion offer, SoftBank increased its original sum to $21.6 billion which was acceptable to Sprint.

Meanwhile, Dish was after Clearwire too. But Sprint had its eyes set on Clearwire beforehand. It easily purchased the company leaving Dish doubly disappointed. Sprint looks forward to being a part of SoftBank. The company had seen its profits plunge with losses of $643 million earlier this year. Now that it is a done deal, the respective company bosses can pop champagne bottles and revel in the smoke of Cuban cigars. It is indeed an occasion for festivity and they deserve a pat on the back for a triple merger par excellence. As for Dish, it’s close but no cigar.

Image Credit: Getty

 

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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