Melodie Warner, Reporter, The Wall Street Journal

Sprint in Deal to Buy Rest of Clearwire

December 17, 2012 at 8:26 am PT

Sprint Nextel Corp. raised its offer to acquire the roughly 50 percent stake in Clearwire Corp. it doesn’t already own, agreeing to pay $2.97 a share.

Sprint’s move to consolidate Clearwire is seen as key to a strategy meant to disrupt the U.S. wireless market, which is dominated by Verizon Wireless and AT&T Inc.

The proposal will take about $2.2 billion in cash to complete, Sprint said in a statement Monday. The latest deal values Clearwire at $10 billion, including $5.5 billion of debt and spectrum lease obligations. The prior offer was worth $2.90 a share.

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Tagged with: Clearwire, Melodie Warner, Nextel, Sprint, The Wall Street Journal, wireless

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