Sprint Nextel takes controlling stake in Clearwire

News Wireless United States 19 OKT 2012
Sprint Nextel takes controlling stake in Clearwire
Sprint Nextel has agreed to purchase Craig McCaw's stake in mobile broadband provider Clearwire to re-establish a majority equity stake in the company without acquiring the whole company, reports the Financial Times. Sprint already held a 48 percent stake in Clearwire. According to a regulatory filing, it plans to purchase 30.9 million Clearwire Class A shares and 2.73 million Class B shares from McCaw's Eagle River Holdings for a combined price of USD 2.97 per share. This will increase Sprint Nextel's voting stake in Clearwire to 50.8 percent. Analysts said this was a shrewd move for Sprint, gaining control of Clearwire's spectrum without paying a premium for the whole company.

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Mobile

Companies:

Clearwire,  Nextel

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United States

Tags:

Data services, Company, Services, Corporate, Internet Access, M&A buyouts & divestments

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