Sprint acquires 100% of Clearwire in $2.2bn deal2012-12-17 09:07 by DanielaTags: Sprint, Clearwire
Sprint will acquire 100-percent of mobile broadband network Clearwire in a deal worth $2.2bn, the carriers have confirmed, with Clearwire valued at around $10bn in total and Sprint planning to use the extra spectrum for new LTE roll-out. Sprint already owns 51.7 percent of Clearwire. Buying the rest would give it full control over spectrum that it could use to build out its network. Sprint is able to complete the deal thanks to cash from SoftBank of Japan, which agreed in October to a $20.1 billion transaction to gain majority control of the American telecommunications company, which lags far behind the market leaders, AT&T and Verizon Wireless. The deal still needs the approval of regulators and Clearwire shareholders, but Sprint expects it to close by the middle of next year. The acquisition will give Sprint total control of the struggling Clearwire and more space on the airwaves for data services. Read more -here-
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