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Wednesday, July 10, 2013, 07:30 pm PT (10:30 pm ET)

Sprint now officially under SoftBank control after $21.6B deal

Sprint on Wednesday announced that it has successfully completed a deal with Japanese telecommunications and Internet services giant SoftBank, which now owns a controlling 78 percent stake of the U.S. wireless carrier.

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As predicted in late June, Sprint closed the deal with SoftBank worth $21.6 billion, reports AllThingsD, giving the Japanese company a 78 percent controlling interest for its investment.

Under the new terms, Sprint CEO Dan Hesse will retain his position, while SoftBank head Masayoshi Son will become take on the role of chairman. SoftBank's U.S. lead Ronald Fisher is to be Sprint’s vice chairman.

The deal closure brings an end to a lengthy takeover process that saw a bidding war between SoftBank and Dish, as well as a separate issue regarding Sprint's purchase of Clearwire. SoftBank first showed interest in Sprint last October.

Wednesday's news was expected, however, as the U.S. Federal Communications Commission gave the green light for the three-way merger last week.