Sprint Nextel Merger with SoftBank for $21.6 Billion Approved by FCC Unanimous Vote

The Federal Communications Commission (FCC) has given the final approval for Japan's SoftBank to acquire Sprint Nextel.

Softbank originally made a bid to purchase the third-largest U.S. mobile carrier for $21.6 billion, but awaited for the FCC's decision.

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The FCC approval only consisted of three members, all of whom voted in favor of Softbank's acquisition. The FCC also approved Sprint's plan to buy out the remaining shares from Clearwire it doesn't own yet.

"The increased investment in Sprint's and Clearwire's networks is likely to accelerate deployment of mobile broadband services and enhance competition in the mobile marketplace, promoting customer choice, innovation and lower prices," said FCC acting Chairwoman Mignon Clyburn, via Reuters.

"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 in a statement. "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."

SoftBank is reportedly acquiring only 78 percent of Sprint, which has been considered to be the largest overseas acquisition by a Japanese company, according to Reuters.

"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 and 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."

The transaction is projected to be final by sometime this month.