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Softbank-Sprint deal clears regulatory hurdle

OVERLAND PARK, Kan. (AP) -- Sprint Nextel Corp. and Japan's SoftBank said Thursday that Softbank's acquisition of a majority stake in the wireless company has cleared all necessary state regulatory hurdles.

Softbank has a $20.1 billion deal with Sprint to buy 70 percent of the company. Dish Network Corp. made a competing $25.5 billion offer for the whole company last month.

The companies said that the California Public Utilities Commission voted to approve the Softbank deal, providing the final state approval that was required. The Federal Communications Commission and other federal agencies are still reviewing the proposed transaction.

Sprint's shares rose 1 cent to $7.31.