It’s long been rumored that Sprint was planning to buy the remaining Clearwire stake that it didn’t already own, but it wasn’t until today that we’ve received official word from the company. Sprint has now officially announced its plans to buy the remaining stake that it didn’t already own in the wireless broadband wholesaler. The final price of the deal comes to $2.97 per share or $2.2 billion, a little above the $2.1 billion estimate that was floating around in recent weeks.
The deal is contingent on the Sprint-Softbank merger, but the Japanese company has already approved the deal. Big Yellow has also received support from Clearwire’s big-ticket minority shareholders, including Comcast, Intel, and BrightHouse Networks. Part of the deal means that Sprint will take on Clearwire’s $5.5 billion debt in licensing obligations and will also pay another $800 million in investment for the often-failing network provider. The deal is expected to be completed by 2013 if it meets regulatory approval.
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