Trending

Filed under: News | Technology News

 

Sprint Buys Clearwire

Sprint takes full control of Clearwire.

Dec 17 2012, 6:44am CST | by

1 Updates
Sprint Buys Clearwire
 
 

YouTube Videos Comments

Full Story

Sprint Buys Clearwire

Sprint today announced that it has entered into a definitive agreement to acquire the approximately 50 percent stake in Clearwire (NASDAQ: CLWR) it does not currently own for $2.97 per share, equating to a total payment to Clearwire shareholders, other than Sprint, of $2.2 billion. This transaction results in a total Clearwire enterprise value of approximately $10 billion, including net debt and spectrum lease obligations of $5.5 billion.

The transaction consideration represents a 128 percent premium to Clearwire's closing share price the day before the Sprint-SoftBank discussions were first confirmed in the marketplace on October 11, with Clearwire speculated to be a part of that transaction; and, a 40 percent premium to the closing price the day before receipt of Sprint’s initial $2.60 per share non-binding indication of interest on November 21.

Clearwire’s spectrum, when combined with Sprint’s, will provide Sprint with an enhanced spectrum portfolio that will strengthen its position and increase competitiveness in the U.S. wireless industry. Sprint’s Network Vision architecture should allow for better strategic alignment and the full utilization and integration of Clearwire’s complementary 2.5 GHz spectrum assets, while achieving operational efficiencies and improved service for customers as the spectrum and network is migrated to LTE standards.

Sprint CEO Dan Hesse said, “Today’s transaction marks yet another significant step in Sprint’s improved competitive position and ability to offer customers better products, more choices and better services. Sprint is uniquely positioned to maximize the value of Clearwire’s spectrum and efficiently deploy it to increase Sprint’s network capacity. We believe this transaction, particularly when leveraged with our SoftBank relationship, is further validation of our strategy and allows Sprint to control its network destiny.” 

Via Sprint.

 

You Might Also Like

Updates


Sponsored Update


Advertisement


More From the Web

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr (Google) is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

Comments

blog comments powered by Disqus

Latest stories

Dave Chappelle Looking Buff These Days
Dave Chappelle Looking Buff These Days
He has been working out for sure
 
 
Tornado's in Moore Oklahoma Makes Building Safer
Building Codes have been toughend
 
 
Titanfall price tag crashes 20% in EA Origin PC Gaming Spring Sale
Titanfall price tag crashes 20% in EA Origin PC Gaming Spring Sale
Titanfall is only a month old, but in EA Origin's PC Gaming Spring sale, the price has been cut $12 down to $47.99. Also huge discounts on titles like SimCity and Battlefield 4!
 
 
Hayden Panettiere Not Asked to be in New Heros Reboot
Hayden Panettiere Not Asked to be in New Heros Reboot
So far no word on her being in it
 
 
 

The Hottest Photos of Victoria's Secret Fashion Show 2013