Softbank won national security clearance for US purchase

The Tokyo-based Japanese bank Softbank  Corp. was notified along with Sprint Nextel Corp. by the Committee of Foreign Investment in the US that both companies have been cleared to go ahead with the acquisition.

The Japanese bank is supposed to seal a $20.1 billion takeover of Sprint as the bank competed with Dish Network Corp. Softbank rose 2.1% at the close of Tokyo Exchange. The Cross-boarder deal would give the bank 70% of the third largest wireless network in US.

The Softbank deal is also under review by the Federal Communications Commission. Sprint future remains unsettled while the company considers Dish offer the satellite company said in a filing last month