(Ping! Zine Web Tech Magazine) – Japanese-based telecommunications company SoftBank on Wednesday announced a big step towards buying Sprint: The pending transaction for $20.1 billion has received a U.S. security clearance from the government.
SoftBank initially announced plans to acquire the U.S.’s third largest mobile provider back in October.
Approval specifically came from the U.S. Committee on Foreign Investment.
Dish Network had also sought to acquire Sprint and previously warned of the deal’s approval. “Without U.S. ownership and control of Sprint, SoftBank’s reliance on Chinese equipment manufacturers raises significant national security concerns,” the company wrote on nationalsecuritymatters.com, according to The New York Times.
With the security clearance, it appears the U.S. government sees it as a non-threat and final approval of the buyout could arrive in July.
Meanwhile, final clearance must also be granted by the FCC and shareholders of Sprint, according to USA Today.