Sprint in Deal to Buy Rest of Clearwire
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.