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Clearwire shareholders approve Sprint buyout
2013-07-09 07:49:00| Telecompaper Headlines
(Telecompaper) US wireless ISP Clearwire's shareholders have voted to approve mobile carrier Sprint Nextel's bid to buy the 50 percent it did not already own for USD 5 a share, which Sprint improved two weeks ago to outbid pay TV operator Dish Network's last offer of USD 4.40 a share. Holders of 82 percent of the unaffiliated outstanding shares of common stock, as of 2 April, voted in favour. Clearwire, which currently provides LTE service in about 80 cities with more than 130 million residents, gives Sprint more spectrum to deliver faster internet access in more locations. Sprint is paying approximately USD 7 million for half of Clearwire. This operation will be followed by Japanese carrier SoftBank's acquisition of a majority of Sprint for USD 21.6 billion, which will give it more spectrum than US carriers Verizon Wireless and AT&T. The Sprint-Clearwire transaction is expected by the two companies to be completed on 9 July.
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Category:Telecommunications