This morning, Sprint announced their proposed merger with SoftBank cleared another major hurdle, with the shareholders overwhelmingly approving the deal. With 98% of shareholders approving the deal, it’s clear that shareholders are ready for the new company to take shape.
Dan Hesse, CEO of Sprint, had the following to offer:
This takes things a step closer to a newly formed company, with only the FTC needed to approve the deal. For shareholders, the deal gives them $7.65/share, or they can convert their shares 1:1 into the newly formed company. That new company, which will be 78% SoftBank and 22% Sprint owned, should take shape sometime in mid July. Shareholders currently have election ballots for a new board, with the deadline for submission as July 5th.
This effectively brings the Sprint/SoftBank merger drama to a close. Through distractions from Dish Network and SoftBank’s noted interest in T-Mobile, the two companies remained committed to the deal. What we need to see now is added benefit for the consumer. Sprint’s network is severely lacking, and they have a lot of room for improvement elsewhere.