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Tuesday, January 29, 2013

U.S. Justice Dept says examining Softbank, Sprint deal, (NYSE: S)

The Justice Department urged the U.S. telecommunications regulator on Tuesday to "defer" action on its investigation of Japan's Softbank Corp's takeover of Sprint Nextel, according to an FCC filling.Softbank and Sprint agreed last year that Softbank Corp would pay $20 billion for control of Sprint Nextel Corp, giving the Japanese firm entry into the U.S. market and Sprint, the No. 3 U.S. carrier, much-needed cash.The Justice Department, along with the Department of Homeland Security, put a letter on the Federal Communications Commission's docket that they were looking at the deal."We therefore request that the commission defer action until such time as the agencies notify the commission of the completion of their review," the letter said.

Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S traded higher by 1.44% or $0.08/share to $5.64. In the past year, the shares have traded as low as $2.10 and as high as $6.04. On average, 34871000 shares of S exchange hands on a given day and today's volume is recorded at 79688096.