Sprint shareholders approve SoftBank acquisition

Sprint Nextel Corp. shareholders approved a $21.6 billion deal with Tokyo-based SoftBank Corp., agreeing to give the Japanese company control of the third-largest U.S. wireless carrier after an eighth-month saga. SoftBank will give Sprint shareholders $16.6 billion in cash and put $5 billion of new capital into Sprint for a 78 percent stake.

"We are pleased to have the support of Sprint shareholders," SoftBank said in an e-mailed statement. "We look forward to receiving FCC approval and promptly completing the transaction so that we can begin implementing our plans to deploy an advanced Sprint network that supports innovative devices and service packages tailored to the rapidly expanding mobile needs of U.S. consumers."

"Today is a historic day for our company, and I want to thank our shareholders for approving this transformative merger agreement," Sprint CEO Dan Hesse said in a statement. "The transaction with SoftBank should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility."

Approval from the U.S. Federal Communications Commission is expected soon and would clear the way for the companies to complete their deal.

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