Sprint shareholders approve SoftBank merger

Sprint merger with SoftBank approved by shareholders

Sprint's merger with Japanese carrier SoftBank has been approved by Sprint's shareholders. At a special shareholder's meeting held today, the deal was overwhelmingly approved, with 98% of shareholders voting in favor to the merger. In a statement, Sprint CEO Dan Hesse noted that the deal would give Sprint more financial breathing room.

“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.”

This flexibility may help Sprint become more of a competitor to rivals Verizon and AT&T, primarily by building out their LTE network, which still lags behind the top two carriers in the United States, despite continued activations across the country. Now that the deal has been approved by the shareholders, it must be examined by the Federal Communications Commission, a process which Sprint and Softbank expect to be completed soon, with the merger formally taking place early next month.

Source: Sprint

Joseph Keller

Joseph Keller is a news reporter for iMore. He's also chilling out and having a sandwich.

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There are 10 comments. Add yours.

lornaevo says:

Great news for sprint customers.

Solamar says:

All I can say, anything, even not merging, was better than being with Dish..

The CEO of that company and it's support model is horrific, inflexible, and would have been a terrible combination.

Now if we can just keep Dish from T-Mobile USA.. :(

Derrick4Real says:

Their CEO has a rep for being a bit nuts too.

Cannon Taylor says:

Amen!! Couldn't have articulated it better myself.

willizen says:

as a sprint customer, I was rooting for this to go through. Sprint has been making great strides lately in the right direction, but they still need all the help they can get. I have hope that this merger will really help propel the company forward.

offdahglass says:

Sprint's glory days of the Treo 700p are long gone. Hope they can change things around accordingly. In the last 5 years they have made some horrendous business decisions.

Derrick4Real says:

as a sprint customer i'm happy. hoping the future makes my unlimited data worth it. i'm not out of contract anyways for a while and don't yet have lte.

joshrocker says:

Lets just hope a new company doesn't decide to come in and change a bunch of things to make them "more competitive" in the industry. I'll be semi nervous about this deal until we start to hear what will be changed and what won't be. After they're completed with the network roll out they should be close to being on par with AT&T and Verizon. Will they still have to offer some of the same perks such as unlimited data? Especially with a new ownership group looking to make a return on their investment.

Eddster says:

Will the data service be usable any time soon?

Sent from the iMore App

kataran says:

no LTE yet hope this helps and keep my unlimited in tack