U.S. forges security accord in Sprint, SoftBank deal

05/28/2013 | Wall Street Journal, The · Reuters · Bloomberg Businessweek

Japan's SoftBank and Sprint Nextel have completed an agreement in principle with the government on steps to alleviate national-security concerns over a merged entity, according to a media report. Sprint plans to assemble a government-approved four-person panel to oversee security interests. The U.S. would also have the right to veto equipment buys and require Sprint to get rid of Chinese-made gear on its network. Regarding Sprint's bid to buy out Clearwire, investor Crest Financial pressed its opposition, noting that proxy advisory firm Glass Lewis still recommended a "no" vote despite Sprint sweetening its offer. Crest said Friday's vote on the deal should exclude strategic partners Comcast and Intel.

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