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.Tim Brugger has no positions in the stocks mentioned above. The Motley Fool owns shares of Intel. Motley Fool newsletter services recommend Intel. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.