Sprint Shareholders Approve Of SoftBank Merger

Sprint might not be in the best of legal health at the moment as they were involved in a lawsuit with DISH Network recently, but this has not stopped Sprint Nextel Corp. shareholders from voting today in order to approve and adopt the previous merger agreement, allowing the mobile carrier to obtain a rather substantial investment by SoftBank Corp, where 98% of the cast at today’s special shareholders meeting were overwhelmingly in favor of the merger agreement.

Sprint CEO Dan Hesse expressed his delight at the situation, saying, “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.”

Of course, the final merger of Sprint and SoftBank will still be subject to the receipt of the Federal Communications Commission approval, and both companies do hope that this merger will eventually be consummated early next month, which ain’t too far away. [Press Release]

Edwin Kee
Categories: Cellphones
Tags: softbank, Sprint