Majority of Sprint Nextel Shares Opt to Receive Cash in SoftBank Deal

Sprint Nextel said holders of more than half of its shares outstanding opted to receive cash in SoftBank’s effort to become the telecommunications company's majority holder.

Last week SoftBank's three-way merger with Sprint and Clearwire won final approval from U.S. regulators, clearing the final hurdles before the transaction closes. Clearwire said about 82% of shares not affiliated with Sprint or SoftBank were voted in favor of Sprint's effort to acquire the portion of Clearwire that it doesn't own, exceeding a required majority of more than 75%. Including Sprint's 50% stake, about 95% of Clearwire's shares outstanding were voted in favor of the deal. The transaction is expected to close soon.