SoftBank and Sprint Win National Security Clearance for Deal

Sprint and Japanese carrier SoftBank announced Wednesday that they have been granted approval for their merger from the Council on Foreign Investment in the United States, after facing criticism from lawmakers about how foreign ownership of the U.S.'s third-largest wireless carrier might affect national security.

The companies have also signed a National Security Agreement with the U.S. government ensuring that they won't bring any issues to the floor after their merger. As part of the deal, the new Sprint would have a four-member national-security committee, including a security director who would sit on the wireless carrier's board, the people said. Members of the committee would be approved by the government, according to one of these people.

After this approval, SoftBank faces only two major remaining hurdles - the approval of Sprint's shareholders and the Federal Communications Commission. The FCC will soon resume reviewing the Sprint deal. The regulator halted its work earlier this year at the request of the Justice Department. Sprint shareholders vote on the transaction is currently scheduled for June 12.

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