Sprint Announces Clearwire Buyout at $2.97/Share
December 17, 2012 9:00 AM
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Sprint CEO Dan Hesse
Sprint buys Clearwire spectrum
Rumors were circulating late last week that Sprint and Clearwire were
close to a deal
that would see wireless carrier Sprint acquire all Clearwire shares that it didn't already own. Sprint has announced today that it has entered into an agreement that would see it acquire 100% ownership at $2.97 per share.
Sprint says that it is uniquely positioned to leverage Clearwire's 2.5 GHz spectrum assets. Sprint also believes that the purchase will strengthen its position and increase its competitiveness in the wireless industry within the U.S.
With all outstanding shares Sprint is purchasing, the deal values Clearwire at $2.2 billion. The transaction gives Clearwire a total enterprise value of about $10 billion including its net debt and spectrum lease obligations of $5.5 billion.
Sprint CEO Dan Hesse championed the move, stating, “Sprint is uniquely positioned to maximize the value of Clearwire’s spectrum and efficiently deploy it to increase Sprint’s network capacity. We believe this transaction, particularly when leveraged with our SoftBank relationship, is further validation of our strategy and allows Sprint to control its network destiny.”
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RE: lost cause?
12/17/2012 10:37:14 AM
It would be considered a lost of cause if they did not have a plan for the future. They do though, and with their pricing where it's at, I'm willing to wait one more year to see how it plays out :)
I do feel the pain though on the 4G coverage - I live in Kalamazoo, MI - no WiMaxx or 4G LTE either (except around the campus of our local university...) ATM.
"I'd be pissed too, but you didn't have to go all Minority Report on his ass!" -- Jon Stewart on police raiding Gizmodo editor Jason Chen's home
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