FCC: SoftBank's ownership of Sprint likely to boost service, competition

Republican FCC Commissioner Ajit Pai said the merger is "good for America’s wireless consumers, who stand to benefit from an invigorated company better able to deliver advanced wireless products and services."

"That’s good for American companies, as we’ve now shown that regulation need not impede access to the international financial markets and foreign capital. And that’s strong evidence that the American wireless market is competitive — were it otherwise, an investment of this magnitude in a nondominant competitor would give new meaning to the term 'risk capital,'" he said.

SoftBank, which will pay $21.6 billion for a controlling stake in Sprint, successfully fended off competing offers from Dish Network for both Sprint and Clearwire.

Dish had warned that allowing a foreign company to own such large U.S. telecommunications networks would pose a threat to national security

But after SoftBank agreed to a series of conditions, an interagency panel cleared the deal of security concerns in May. 

“Just two years ago, the wireless industry was at the doorstep of duopoly, but with these transformative transactions, we are one step closer to a stronger Sprint which will better serve consumers, challenge the market share leaders and drive innovation in the American economy,” Sprint CEO Dan Hesse said in a statement.