Mergers and Acquistions News
Categories: Telecoms
December 1st 2008, 16:22PM
Clearwire Corporation has announced that its acquisition of Sprint Nextel has been completed.
The move will see the purchasers, a high-speed wireless broadband services firm, combine its WiMAX business with that of the wireless and wireline communications company.
Clearwire has also recieved a $3.2 billion (£2.15 billion) cash investment from a range of firms including Comcast, Intel, Time Warner Cable, Google and Bright House Networks.
Further financial details of the takeover have not been released.
The deal also sees Sprint handing over all its 2.5 GHz spectrum and WiMax-related holdings, including its XOHM business, to Clearwire.
Clearwater shareholders originally agreed to the move on November 20th last month after it was unanimously recommended by members of the board.
According to the firm, the deal will pave the way for a new era in US mobile internet services.
Benjamin G Wolff, chief executive of the firm, said: "With an unmatched spectrum portfolio ... Clearwire is ready to redefine mobile Internet services in the US."
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