Sprint Offers $2.1 Billion for the Rest of Clearwire

Sprint Nextel (NYSE: S  ) and its subsidiaries have offered approximately $2.1 billion in cash to purchase the shares of Clearwire (UNKNOWN: CLWR.DL  ) they do not already own.

Sprint already owns a majority interest in Clearwire, equal to approximately 51.7% of its outstanding stock. As per a Dec. 11 Schedule 13D filing with the SEC, Sprint would pay for the outstanding shares from "working capital."

Sprint has agreed to pay shareholders $2.90 per share, valuing Clearwire at approximately $4.2 billion. Of the remaining shares outstanding, Comcast (NASDAQ: CMCSA  ) and Intel (NASDAQ: INTC  ) each hold positions in Clearwire. Comcast's approximately 88.5 million shares represent 12.8% of Clearwire's common stock, while Intel's ownership stake is 12.4%.

A Sprint spokesperson declined to comment on the proposed transaction, stating "We are not commenting beyond it [the SEC filing]."


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Related Tickers

12/31/1969 7:00 PM
CLWR.DL $0.00 Down +0.00 +0.00%
Clearwire Corp CAPS Rating: **
S $6.29 Down -0.07 -1.10%
Sprint CAPS Rating: **
CMCSA $61.48 Down -1.08 -1.73%
Comcast CAPS Rating: ***
INTC $34.81 Down -0.11 -0.32%
Intel CAPS Rating: ****