Sprint Nextel shareholders voted today to approve and adopt the previously announced merger agreement providing for a substantial investment by SoftBank Corp.
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.
"Today is a historic day for our company, and I want to thank our shareholders for approving this transformative merger agreement," said Sprint CEO Dan Hesse. "The transaction with SoftBank should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility."
Consummation of the Sprint-SoftBank transaction remains subject to the receipt of the Federal Communications Commission approval. Sprint and SoftBank anticipate the merger will be consummated in early July 2013.