Sprint and SoftBank Receive Clearance from Committee on Foreign Investment in the U.S.

News Releases

29 May 2013

Sprint and SoftBank Receive Clearance from Committee on Foreign Investment in the U.S.

OVERLAND PARK, Kan. & TOKYO (BUSINESS WIRE), May 29, 2013 - Sprint (NYSE: S) and SoftBank (TSE: 9984) announced today that the companies have received notice from the Committee on Foreign Investment in the United States (CFIUS) that it has completed its investigation of the proposed transaction between Sprint and SoftBank, and there are no unresolved national security issues relating to the transaction.

As part of this aspect of the transaction’s clearance, Sprint and SoftBank have entered into a National Security Agreement with the U.S. government. The National Security Agreement is effective as of the date of CFIUS clearance, but will terminate in the event that the merger agreement between Sprint and SoftBank is terminated.

Based on the CFIUS clearance of the proposed transaction, the parties expect that the “Team Telecom” agencies, which include the Department of Justice (including the Federal Bureau of Investigation) and the Department of Homeland Security, will notify the Federal Communications Commission that the agencies have completed their review of the transaction for national security, law enforcement and public safety concerns.

Upon receipt of notice from Team Telecom, the Federal Communications Commission will be free to complete its public interest review of the transaction. The Commission’s public interest review is ongoing.

Sprint and SoftBank are parties to the previously disclosed agreement and plan of merger, dated as of October 15, 2012, as amended. Consummation of the Sprint-SoftBank merger remains subject to various conditions to closing, including receipt of approval of the Federal Communications Commission and adoption of the merger agreement by Sprint's stockholders. Sprint and SoftBank anticipate the merger will be consummated in July 2013, subject to the remaining closing conditions and the effect of the actions of the Special Committee of Sprint's board of directors, which is currently in discussions and negotiations with DISH Network Corporation regarding the unsolicited proposal received from DISH in April 2013 or other developments with respect to such proposal. Sprint’s Board of Directors continues to recommend its stockholders vote in favor of the transaction with SoftBank.

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.