Softbank’s Sprint Bid Seen Surviving U.S. Review
Sprint Nextel Corp. (S) said it expects the U.S. Justice Department will complete a review of the company’s agreement to sell a majority stake to Softbank Corp. (9984) within an initial 30-day period and won’t warrant an extended investigation.
Under the Hart-Scott-Rodino antitrust law, if regulators need more time to analyze a transaction, they can issue a “second request” extending the review period beyond 30 days.
“We expect the Justice Department antitrust review will be complete within the initial 30-day waiting period, without the need for a second-phase investigation,” John Taylor, a spokesman for Overland Park, Kansas-based Sprint, said yesterday in a telephone interview. “We don’t expect significant regulatory concerns.”
Taylor said the companies haven’t yet filed for antitrust approval. Sprint has said it expects the deal to win all regulatory approvals required by mid-2013 when it expects to close the transaction.
Gina Talamona, a Justice Department spokeswoman, declined to comment on the possible review.
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