On Thursday, Sprint asked the FCC for approval to transfer its wireless spectrum to Japan's Softbank along with its stake in wireless service provider Clearwire. Softbank is looking to acquire 70% of the nation's third largest carrier for $20 billion, a deal that both Sprint and Softbank hope to close in the middle of next year.
The shoe is on the other foot for Sprint CEO Dan Hesse
Besides needing the FCC to sign off on the deal, the Department of Justice also needs to approve the acquisition. Unlike the heavily contested AT&T proposal to purchase T-Mobile, which the DOJ fought tooth and nail to prevent, the Softbank acquisition doesn't remove a major U.S. carrier from the scene. As a result, most observers expect no objection from the FCC and DOJ to Softbank's acquisition of the vast majority of Sprint. In addition, with over 25% of the company changing hands, Sprint needs a declaratory ruling to close the deal. Softbank plans on making a capital injection of $8 billion which Sprint will use to help build out its LTE network.
Alan, an ardent smartphone enthusiast and a veteran writer at PhoneArena since 2009, has witnessed and chronicled the transformative years of mobile technology. Owning iconic phones from the original iPhone to the iPhone 15 Pro Max, he has seen smartphones evolve into a global phenomenon. Beyond smartphones, Alan has covered the emergence of tablets, smartwatches, and smart speakers.
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