The Federal Communications Commission announced today that it
has voted unanimously to approve the applications filed by SoftBank
(TSE: 9984), Sprint (NYSE: S) and Clearwire (NASDAQ: CLWR) related
to their transactions announced last year.
This decision completes all Federal government reviews of both
SoftBank’s investment in Sprint and Sprint’s acquisition of
Clearwire. Sprint’s shareholders approved the SoftBank transaction
with Sprint on June 25th. Clearwire’s shareholders are scheduled to
vote on the Sprint transaction with Clearwire, which has been
recommended by Clearwire’s Board of Directors, on July 8th.
“We would like to thank Acting Chairwoman Clyburn, Commissioners
Rosenworcel and Pai, as well as the staff of the FCC for their
thorough review of these transactions,” said Sprint CEO Dan Hesse.
“Just two years ago, the wireless industry was at the doorstep of
duopoly, but with these transformative transactions, we are one
step closer to a stronger Sprint which will better serve consumers,
challenge the market share leaders and drive innovation in the
American economy.”
“We appreciate the forward thinking, consumer focused stance the
FCC has taken by approving the proposed transaction. As the company
that built America’s first nationwide 4G network, Clearwire looks
forward to joining Sprint and deploying an even faster and richer
4G experience for consumers across the country,” said Clearwire CEO
and President Erik Prusch. “This is the right transaction at the
right time to best deploy Clearwire’s spectrum to create a
broadband network that will bring additional services and
alternatives to wireless consumers.”
“The FCC’s thoughtful review and approval of these transactions
represents an important step toward creating a more competitive
U.S. wireless marketplace,” said SoftBank Chairman & CEO
Masayoshi Son. “SoftBank’s investment in Sprint will bring
innovation and increased customer focus, which will enable us to
begin creating a true competitor in a market dominated by two
companies. We look forward to leveraging the significant talent and
resources of the New Sprint to bring innovation and better service
to U.S. consumers.”
Sprint, Clearwire and SoftBank anticipate that the transactions
will close in early July 2013, subject to the remaining closing
conditions.
About Sprint Nextel
Sprint Nextel offers a comprehensive range of wireless and
wireline communications services bringing the freedom of mobility
to consumers, businesses and government users. Sprint Nextel served
more than 55 million customers at the end of the first quarter of
2013 and is widely recognized for developing, engineering and
deploying innovative technologies, including the first wireless 4G
service from a national carrier in the United States; offering
industry-leading mobile data services, leading prepaid brands
including Virgin Mobile USA, Boost Mobile, and Assurance Wireless;
instant national and international push-to-talk capabilities; and a
global Tier 1 Internet backbone. The American Customer Satisfaction
Index rated Sprint as the most improved company in customer
satisfaction, across all 47 industries, during the last five years.
Newsweek ranked Sprint No. 3 in both its 2011 and 2012 Green
Rankings, listing it as one of the nation’s greenest companies, the
highest of any telecommunications company. You can learn more and
visit Sprint at www.sprint.com or www.facebook.com/sprint and
www.twitter.com/sprint.
About Clearwire
Clearwire Corporation (NASDAQ: CLWR), through its operating
subsidiaries, is a leading provider of 4G wireless broadband
services offering services in areas of the U.S. where more than 130
million people live. The company holds the deepest portfolio of
wireless spectrum available for data services in the U.S. Clearwire
serves retail customers through its own CLEAR® brand as well
as through wholesale relationships with some of the leading
companies in the retail, technology and telecommunications
industries, including Sprint and NetZero. The company is
constructing a next-generation 4G LTE Advanced-ready network to
address the capacity needs of the market, and is also working
closely with the Global TDD-LTE Initiative to further the TDD-LTE
ecosystem. Clearwire is headquartered in Bellevue, Wash. Additional
information is available at http://www.clearwire.com.
About SoftBank
SoftBank was established in 1981 by its current Chairman &
CEO Masayoshi Son and has based its business growth on the
Internet. It is currently engaged in various businesses in the
information industry, including mobile communications, broadband
services, fixed-line telecommunications, and portal services.
Cautionary Statement Regarding Forward Looking
Statements
This document includes “forward-looking statements” within the
meaning of the securities laws. The words “may,” “could,” “should,”
“estimate,” “project,” “forecast,” “intend,” “expect,”
“anticipate,” “believe,” “target,” “plan,” “providing guidance” and
similar expressions are intended to identify information that is
not historical in nature.
This document contains forward-looking statements relating to
the proposed transactions between Sprint Nextel Corporation
(“Sprint”) and SoftBank Corp. (“SoftBank”) and its group companies,
including Starburst II, Inc. (“Starburst II”), and the proposed
acquisition by Sprint of Clearwire Corporation (“Clearwire”). All
statements, other than historical facts, including, but not limited
to: statements regarding the expected timing of the closing of the
transactions; the ability of the parties to complete the
transactions considering the various closing conditions; the
expected benefits of the transactions such as improved operations,
enhanced revenues and cash flow, growth potential, market profile
and financial strength; the competitive ability and position of
SoftBank or Sprint; and any assumptions underlying any of the
foregoing, are forward-looking statements. Such statements are
based upon current plans, estimates and expectations that are
subject to risks, uncertainties and assumptions. The inclusion of
such statements should not be regarded as a representation that
such plans, estimates or expectations will be achieved. You should
not place undue reliance on such statements. Important factors that
could cause actual results to differ materially from such plans,
estimates or expectations include, among others, that (1) there may
be a material adverse change of SoftBank; (2) the proposed
financing may involve unexpected costs, liabilities or delays or
may not be completed on terms acceptable to SoftBank, if at all;
and (3) other factors as detailed from time to time in Sprint’s,
Starburst II’s and Clearwire’s filings with the Securities and
Exchange Commission (“SEC”), including Sprint’s and Clearwire’s
Annual Reports on Form 10-K for the year ended December 31, 2012,
and Quarterly Reports on Form 10-Q for the quarter ended March 31,
2013, and other factors that are set forth in the proxy
statement/prospectus contained in Starburst II’s Registration
Statement on Form S-4, which was declared effective by the SEC on
May 1, 2013, and in other materials that will be filed by Sprint,
Starburst II and Clearwire in connection with the transactions,
which will be available on the SEC’s web site (www.sec.gov). There
can be no assurance that the transactions will be completed, or if
completed, that such transactions will close within the anticipated
time period or that the expected benefits of such transactions will
be realized.
All forward-looking statements contained in this document and
the documents referenced herein are made only as of the date of the
document in which they are contained, and none of Sprint, SoftBank,
Starburst II, Clearwire or Collie Acquisition Corp. undertakes any
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which the statement is
made or to reflect the occurrence of unanticipated events except as
required by law. Readers are cautioned not to place undue reliance
on any of these forward-looking statements.
Additional Information and Where to Find It
In connection with the transaction, Sprint and Clearwire have
filed a Rule 13e-3 Transaction Statement and Clearwire has filed a
definitive proxy statement with the SEC. The definitive proxy
statement has been mailed to the Clearwire's stockholders.
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE
PROXY STATEMENT AND OTHER RELEVANT MATERIALS BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT CLEARWIRE AND THE TRANSACTION.
Investors and security holders may obtain free copies of these
documents and other documents filed with the SEC at the SEC’s web
site at www.sec.gov. In addition, the documents filed by Clearwire
with the SEC may be obtained free of charge by contacting Clearwire
at Clearwire, Attn: Investor Relations, (425) 505-6494. Clearwire’s
filings with the SEC are also available on its website at
www.clearwire.com.
Participants in the Solicitation
Clearwire and its officers and directors and Sprint and its
officers and directors may be deemed to be participants in the
solicitation of proxies from Clearwire stockholders with respect to
the transaction. Information about Clearwire officers and directors
and their ownership of Clearwire common shares is set forth in the
definitive proxy statement for Clearwire's Special Meeting of
Stockholders, which was filed with the SEC on April 23, 2013.
Information about Sprint’s officers and directors is set forth in
Sprint’s Annual Report on Form 10-K for the year ended December 31,
2012, which was filed with the SEC on February 28, 2013. Investors
and security holders may obtain more detailed information regarding
the direct and indirect interests of the participants in the
solicitation of proxies in connection with the transaction by
reading the definitive proxy statements regarding the transaction,
which was filed by Clearwire with the SEC.
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