The U.S. Federal Communications Commission has approved the $21.6 billion acquisition of Sprint by Softbank.
Sprint shareholders in late June approved the acquisition that will see Softbank pay $7.64 per share, for a total of $16.64 billion in cash, and invest about $5 billion of new capital into Sprint.
FCC's decision also helps clear the way for Sprint to take full control of Clearwire. Sprint already owns just over half of Clearwire, which provides the network for its 4G WiMax service, and is planning to spend $3.7 billion to acquire the rest of the company.
"Today is a good day for all Americans who use mobile broadband services," said Mignon Clyburn, FCC chairman in a statement. "The increased investment in Sprints and Clearwires networks is likely to accelerate deployment of mobile broadband services and enhance competition in the mobile marketplace, promoting customer choice, innovation and lower prices."
Sprint said it expects that the transactions will close in early July, subject to the remaining closing conditions.