DOJ, FBI, DHS Clear SoftBank's Acquisition of Sprint
Sprint today announced that the U.S. Department of Justice, Federal Bureau of Investigation, and Department of Homeland Security have fully cleared SoftBank's proposed equity acquisition of Sprint. The transaction has also been approved by the Committee on Foreign Investment in the U.S., with the conditions that Sprint allow the government to elect a member of the board (which it did today), allow the government to veto telecommunications equipment purchased, and divest Chinese-made networking gear. The deal has already been greenlighted by the Securities and Exchange Commission. The transaction may now be assessed by the Federal Communications Commission. "As we indicated last week, the national security review of the transaction is completed and there are no unresolved national security issues relating to the transaction," said Vonya B. McCann, senior vice president of Government Affairs at Sprint. "We look forward to the Commission's prompt completion of its public interest review."
Nokia's Alcatel-Lucent Acquisition Clears CFIUS
Nokia today said the Committee on Foreign Investment in the United States has approved its proposed acquisition of Alcatel-Lucent. CFIUS' approval was the last regulatory hurdle in the US, which has already been approved by the Justice Dept.
SoftBank Sinks More Money Into Sprint
SoftBank has been snapping up shares of Sprint, increasing its stake recently by as much as $87 million. Despite SoftBank CEO Masayoshi Son's misgivings about the overall acquisition of Sprint, SoftBank said it "is enthusiastic about Sprint's prospects.
SoftBank Invests Another $73 Million in Sprint
SoftBank has purchased yet more shares of Sprint stock, boosting its stake in the company to just over 80%. SoftBank shelled out $73 million for about 16.8 million shares.
House Panel Says Stingrays Need Federal Guidelines
The House Oversight and Government Reform Committee, a bipartisan panel, this week recommended that the federal government pass rules to manage the use stingrays and other cell-site simulating devices. The panel said in a report that law enforcement agencies have varying and inconsistent rules for the use of such devices.
Feds to Require Warrants for Cellphone Trackers
The Justice Department has issued new policy concerning the use of Stingrays to collect cellphone data and will require warrants moving forward. Stingrays, also called dirtboxes, mimic cell towers and can record the data of every cell phone they encounter.