Sprint special shareholders meeting voices approval of Softbank deal

26 Jun 2013

98% of the votes cast at Sprint Nextel’s special shareholders meeting were in favour of Softbank Corp’s offer to acquire 78% of Sprint in an USD21.6 billion deal, the US firm has announced. These shareholders are said to account for around 80% of Sprint’s outstanding common stock, as of 18 April. Sprint CEO Dan Hesse commented: ‘Today is a historic day for our company, and I want to thank our shareholders for approving this transformative merger agreement. The transaction with Softbank should enhance Sprint’s long-term value and competitive position by creating a company with greater financial flexibility’. Although the Federal Communications Commission (FCC) still needs to approve the deal, both parties expect the deal to formally close in early July.

United States, SoftBank Group Corp, Sprint Corporation (now part of T-Mobile US)