Sprint Offers $2.1 Billion for the Rest of Clearwire
Sprint Nextel and its subsidiaries have offered approximately $2.1 billion in cash to purchase the shares of Clearwire 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 and Intel 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]."
The article Sprint Offers $2.1 Billion for the Rest of Clearwire originally appeared on Fool.com.
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