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 3:28:33 PM
I have done my research and where I live Sprint's coverage is ~50% roaming onto VZW's network (by area covered). As a result my voice/3g coverage wouldn't be significantly affected by going to Sprint but unless they expand their footprint my LTE would probably be patchy until/unless VZW started allowing roaming access to it.
Sprint's unlimited data really doesn't matter to me; what I'd be more interested in would be going to one of their MVNO's that offer significantly cheaper plans for light users (probably Ting); but since VZW isn't currently letting any Sprint MVNO's roam onto their data network I'd frequently just have an over sized voice only phone when away from home.
"A lot of people pay zero for the cellphone ... That's what it's worth." -- Apple Chief Operating Officer Timothy Cook
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