Sprint Nextel agreed to acquire the half of Clearwire it does not already own for $2.97 per share, totaling $2.2 billion. Sprint now will own the entire Clearwire enterprise, valued at approximately $10 billion.
The cost of the transaction is a 128 % premium to the closing share price the day before the Sprint-SoftBank discussions were first announced and confirmed this past October. Sprint's spectrum portfolio was greatly enhanced by adding that of Clearwire, which strengthens its competitiveness in the wireless environment. Sprint is pursuing improved strategic alignment with the use and integration of the 2.5 GHz of complementary spectrum from Clearwire. This is a big win for the company as it pursues better efficiency and improved service into its migration to 4G LTE.
Read more on this significant transaction at MissionCritical communications.
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