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: Not quite...
12/17/2012 12:24:30 PM
If this adds to Sprint's coverage, then more power to them. They definitely need a coverage boost. In Minnesota T-Mobile, VZW and AT&T beat Sprint for metropolitan and rural coverage.
If this only allows Sprint to roll out better LTE then let's hope they hake some more deals to provide better coverage.
I agree that I don't see why Sprint (or any carrier) wouldn't sell excess capacity to MVNOs if they have it.
"Well, we didn't have anyone in line that got shot waiting for our system." -- Nintendo of America Vice President Perrin Kaplan
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