Clearwire, Sprint Nextel to form wireless company

Clearwire and Sprint Nextel are planning to merge their wireless broadband units to create a new $14.55 billion wireless communications company.

The new company, to be named Clearwire, will receive a $3.2 billion investment from Intel Corp., Google Inc., Comcast Corp., Time Warner Cable Inc. and Bright House Networks. The investment is based on a target price of $20 per Clearwire share and will give the companies a 22 percent stake in the new venture.

Overland Park, Kan.-based Sprint Nextel Corp. will be majority owner with a 51 percent equity stake, while existing Clearwire shareholders will receive about 27 percent interest.

Read Full Article from Houston Chronicle

- Posted: 2008-05-07 08:38:02

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