23 May 2013
Sprint and SoftBank Announce Completion of State Regulatory Review of Proposed Transaction
OVERLAND PARK, Kan. & TOKYO (BUSINESS WIRE), May 23, 2013 - Sprint (NYSE:S) and SoftBank (TSE: 9984) announced today that the companies have received all necessary state regulatory approvals for their proposed transaction. This morning, the California Public Utilities Commission voted to approve the transaction, providing the final state approval needed for the transaction. The state applications were filed before a total of 23 states and the District of Columbia, beginning in November, 2012.
The companies continue to work closely with officials at the Federal Communications Commission and other Federal government agencies reviewing the transaction.
In its review of the transaction, the California Commission found that SoftBank’s investment in Sprint will lead to increased competition that “will benefit consumers and the telecommunications marketplace.”
The companies remain committed to completing their transaction on the terms previously disclosed. They continue to anticipate closing on July 1, 2013, subject to satisfaction of closing conditions, including receipt of the remaining regulatory approvals.
About Sprint Nextel
Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served more than 55 million customers at the end of the first quarter of 2013 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The American Customer Satisfaction Index rated Sprint as the most improved company in customer satisfaction, across all 47 industries, during the last five years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 Green Rankings, listing it as one of the nation’s greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint.
About SoftBank
SoftBank was established in 1983 by its current Chairman & CEO Masayoshi Son and has based its business growth on the Internet. It is currently engaged in various businesses in the information industry, including mobile communications, broadband services, fixed-line telecommunications, and portal services.
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