Sprint Shareholders Overwhelmingly Approve Merger Agreement with SoftBank

Sprint Nextel shareholders voted to approve and adopt the previously announced merger agreement providing for a substantial investment by SoftBank.

Sprint shareholders overwhelmingly approved the deal, with approximately 98 percent of the votes cast at today’s special shareholders meeting voting in favor of the merger agreement, representing approximately 80 percent of Sprint’s outstanding common stock as of April 18, 2013, the record date for the special meeting. Consummation of the Sprint-SoftBank transaction remains subject to the receipt of the Federal Communications Commission approval. The FCC also has to look at Sprint’s own proposed acquisition of Clearwire — which Dish is also bidding for. The FCC declined comment on when it plans to vote on the deal. Clearwire shareholders are expected to vote on July 8. Sprint and SoftBank anticipate the merger will be consummated in early July 2013.