Sprint, SoftBank complete U.S. state regulatory review process

Thu May 23, 2013 3:48pm EDT
 
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NEW YORK (Reuters) - Sprint Nextel S.N and SoftBank Corp (9984.T: Quote) said on Thursday they had received all necessary state regulatory approvals for the Japanese company's proposed $20.1 billion purchase of 70 percent of Sprint.

The California Public Utilities Commission voted on Thursday to approve the deal, according to the companies, which said this was the final state approval required for the transaction.

The companies are still working with the Federal Communications Commission and other Federal government agencies reviewing the transaction, SoftBank and Sprint said.

Sprint, the No. 3 U.S. mobile service provider, is also reviewing a rival bid from Dish Network (DISH.O: Quote).

(Reporting By Sinead Carew)

 
Softbank Corp's logo is pictured at its branch in Tokyo April 17, 2013. REUTERS/Yuya Shino