SoftBank announced Thursday that it got the official OK from the Security and Exchanges Commission to acquire a 70 percent stake in Sprint.
Sprint shareholders will vote on the deal in a special meeting on June 12 in its Overland Park, Kan., headquarters. SoftBank said it anticipates closing the deal on July 1, pending approvals.
Softbank President Ron Fisher called the SEC nod and commencing of mailing definitive proxy statements to Sprint shareholders a demonstration of its rapid progress and reiterated his belief that SoftBank's offer was of greater value than Dish Networks's "highly leveraged" unsolicited bid. (See Dish Bids $25.5B for Sprint.)
"We are pleased with this progress and believe that our ability to fund our investment in Sprint within a matter of weeks will enable Sprint to continue and accelerate its capital investment plans in 2013 and beyond," Fisher said in a prepared statement.
Sprint now has just more than a month to decide which suitor's proposal to accept -- Dish's $25.5 billion bid and promise of bundles and mobile video, or SoftBank's $20 billion bid and promise of a faster route to LTE and an instant cash infusion.