SoftBank Clearance for Sprint Deal Confirmed by Justice

SoftBank Corp. (9984) cleared a U.S. security review of its proposed $20.1 billion purchase of Sprint Nextel Corp. (S), the Justice Department said, confirming a statement from the companies.

The department said it had “no objection” to the deal in a letter posted today on the Federal Communications Commission’s website. The FCC is the final U.S. agency reviewing the bid.

Dish Network Corp. (DISH) has made a $25.5 billion counteroffer for Overland Park, Kansas-based Sprint, the third-largest U.S. wireless carrier.

The FCC has gone beyond its 180-day goal for reviewing the SoftBank deal and faces no deadline for deciding whether to approve the purchase by the Tokyo-based company’s bid to jump into the U.S. market.

Dish, based in Englewood, Colorado, has urged the agency to delay any action on the SoftBank offer.

To contact the reporter on this story: Todd Shields in Washington at tshields3@bloomberg.net

To contact the editor responsible for this story: Bernard Kohn at bkohn2@bloomberg.net

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