SoftBank cleared for $20 billion purchase bid of Sprint

Looks like the Japanese have made a compelling bid and case. The Committee on Foreign Investment in the U.S. has just approved SoftBank in its possible acquisition of Sprint Nextel. Clocking in at $20.1 billion. That is a little shy of Dish Networks bid to snag the carrier when they put their bid in of $25.5 billion last month. Claims that a Japanese carrier controlling 70% of the U.S. carrier would compromise national security were abound. Apparently the CFI didn’t think it would. The deal is expected to close on July 1st.

The agreement for purchase will also make the companies “appoint an independent security director to the new Sprint board.” Which makes sense.

None of this means you just jump ship, not yet anyways. It still needs to be agreed to by all parties. We all saw how long it took for the AT&T/T-Mobile process to take that eventually failed. Along with the long process of T-Mobile/MetroPCS. It is rather interesting though that a Japanese carrier wants in with Sprint. I would be much happier to see Dish Network be the controlling company.

Source: Afterdawn