SoftBank’s acquisition of Sprint for $21.6 billion is set to be completed this Wednesday, the Japanese company wrote in a press release earlier today. The news follows the FCC’s approval of the merger last week.
The drawn-out acquisition was approved early in June by a clear majority of Sprint shareholders, paving the way for SoftBank to buy out the U.S. carrier. The Japanese telecom giant will spend $21.6 billion to buy a 78 percent share of Sprint. SoftBank will also vicariously eat up Clearwire, which Sprint set out to acquire in late 2012 for $2.2 billion.
SoftBank beat out Dish, which was also attempting to buy out Sprint, earlier on in the proceedings after leveling a final offer for the U.S. network. Once the merger is completed on Wednesday, the Japanese company will have gained a foothold in the U.S. market, but will need a strong strategy to compete with already-established frontrunners AT&T and Verizon.
Correction: In the second paragraph we originally said that SoftBank was purchasing 70 percent of Sprint, it has now been updated to reflect 78 percent.