Sources Claim Sprint, Clearwire Are Close to a Buyout Deal
December 12, 2012 8:30 AM
Sprint hopes to complete the deal in the same timeframe the Softbank deal is wrapped up
The department that handles acquisitions and mergers at Sprint has been very busy lately. Sprint announced that it would be
selling a majority stake
to Softbank for $20 billion in October. Sprint has also long coveted the wireless spectrum that partner Clearwire holds and uses for wireless internet service.
Sprint has made no secret of the fact that it wants to own all of Clearwire.
reports that that Sprint and Clearwire are moving closer to a deal that would see Sprint acquire the reamaining 49% of Clearwire shares. According to the sources, the deal isn't imminent but the two companies are in active negotiations and hope to make an announcement by the end of the year.
Sprint has also reportedly been having talks with other major Clearwire shareholders, including Intel and Comcast, to purchase the stock those companies hold in Clearwire at roughly 3 dollars per share.
Interestingly, in June of 2012 Sprint
cut its voting stake
of shares in Clearwire to less than 50%. Sprint said later that it had cut its voting shares to avoid Clearwire's potential loan default from triggering issues with its own debit.
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"So, I think the same thing of the music industry. They can't say that they're losing money, you know what I'm saying. They just probably don't have the same surplus that they had." -- Wu-Tang Clan founder RZA
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