FCC OKS Softbank’s bid for Sprint

The Federal Communications Commission approved SoftBank Corp.’s $21.6-billion bid for mobile carrier Sprint Nextel Corp., moving Japanese billionaire Masayoshi Son closer to a position in the U.S. market.

“Today is a good day for all Americans who use mobile broadband services,” FCC Acting Chairwoman Mignon Clyburn said Friday. The commission determined that the transfer of control of Sprint’s airwaves is in the public’s interest, she said.

The FCC also approved Sprint’s offer to buy the half of wireless operator Clearwire Corp. it doesn’t already own.

“The increased investment in Sprint’s and Clearwire’s networks is likely to accelerate deployment of mobile broadband services and enhance competition in the mobile marketplace, promoting customer choice, innovation and lower prices,” Clyburn said.

SoftBank’s bid stands to boost Sprint, the third-largest U.S. wireless carrier, as a competitor to the two biggest mobile carriers, Verizon Wireless and AT&T Inc. SoftBank’s founder, Son, has pledged innovative pricing and network investments.

SoftBank will own 78% of Sprint, based in Overland Park, Kan.

SoftBank, based in Tokyo, doesn’t own spectrum licenses in the U.S. and plans to invest $5 billion into Sprint’s network to provide wireless broadband service, the FCC said in the order.