Sprint, Nextel shareholder approve buyout
As expected, shareholders of both Sprint and Nextel have approved the proposed buyout of Nextel by Sprint. The $36 billion deal is expected to gain federal approval soon (according to industry news reports, sources inside the FCC have hinted at this coming very soon).
Besides federal approval, the deal is facing pressure from several lawsuits. This week Sprint announced a buyout of US Unwired to curb its lawsuit, but suits from Ubiquitel and Nextel Partners still pose potential trouble.