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updated: 5/29/2013 7:50 AM

Sprint says panel clears proposed sale to Softbank

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Associated Press

OVERLAND PARK, Kan. -- Sprint and Japan's Softbank say regulators haven't found any unresolved national security issues related to Softbank's proposed acquisition of Sprint.

The companies say the Treasury Department's Committee on Foreign Investment in the United States has completed its investigation and that they've entered into a National Security Agreement with the U.S. government.

As a result, Sprint and Softbank say they expect that the Department of Justice and the Department of Homeland Security will soon notify the Federal Communications Commission that they've completed their national security review.

Once that happens, the FCC can complete its review.

Softbank wants to buy 70 percent of Sprint for $20.1 billion. That deal is set to close in July, but Sprint also has received a $25.5 billion bid from Dish Network Corp. for the entire company.

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