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Sprint completes acquisition of Clearwire

MGN Online

MGN Online

NEW YORK (AP) - Majority owner Sprint has completed its acquisition of wireless network operator Clearwire Corp.

Sprint Nextel Corp. paid $5 per share for the 51 percent of Clearwire it didn't already own. Bellevue, Wash.-based Clearwire runs a mobile broadband network that Sprint uses to provide "4G" service on many of its phones.

Clearwire shareholders voted to sell to Sprint on Monday. Its stock will stop trading on the Nasdaq after the market closes on Tuesday.

Sprint hopes the deal will make it more competitive with rivals Verizon Wireless and AT&T Inc. It raised its original bid for Clearwire to overcome a competing bid from Dish Network Corp.

Meanwhile Overland Park, Kan.-based Sprint has agreed sell 78 percent of itself to Japan's Softbank for $21.6 billion. That deal is expected to close Wednesday.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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