Wednesday, July 30, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Samsung And Apple See Their Smartphone Market Shares Plunging
Twitter Says Its User base Increased
Microsoft Details Windows Phone 8.1 Update, Brings Cortana To New Markets
Facebook to Shut Down Gifts Service
Netflix To Pay AT&T For Smooth Video Delivery
Lite-On To Showcase New Enterprise Storage Solutions
Sharp Develops Brighter LED for LCD Backlights
Microsoft Releases The Sharks Cove, A Raspberry Pi Alternative
Active Discussions
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
IBM supercharges Power servers with graphics chips
Werner Vogels: four cloud computing trends for 2014
Video editing software.
 Home > News > Mobiles > Sprint ...
Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, December 17, 2012
Sprint to Buy 100 Percent Ownership of Clearwire


Sprint today confirmed it has entered into a definitive agreement to acquire the approximately 50 percent stake in Clearwire it does not currently own for $2.97 per share, equating to a total payment to Clearwire shareholders, other than Sprint, of $2.2 billion.

The $2.97-per-share deal is only 7 cents per share higher than a bid many minority shareholders said was too low days before.

This transaction results in a total Clearwire enterprise value of approximately $10 billion, including net debt and spectrum lease obligations of $5.5 billion.

The transaction consideration represents a 128 percent premium to Clearwire's closing share price the day before the Sprint-SoftBank discussions were first confirmed in the marketplace on October 11, with Clearwire speculated to be a part of that transaction; and, a 40 percent premium to the closing price the day before receipt of Sprint's initial $2.60 per share non-binding indication of interest on November 21.

Clearwire's spectrum, when combined with Sprint's, will provide Sprint with an enhanced spectrum portfolio that will strengthen its position and increase competitiveness in the U.S. wireless industry. Sprint's Network Vision architecture should allow for better strategic alignment and the full utilization and integration of Clearwire's complementary 2.5 GHz spectrum assets, while achieving operational efficiencies and improved service for customers as the spectrum and network is migrated to LTE standards.

The transaction was unanimously approved by Clearwire's board of directors upon the unanimous recommendation of a special committee of the Clearwire board consisting of disinterested directors not appointed by Sprint. In addition, Clearwire said it had received commitments from Comcast Corp., Intel Corp and Bright House Networks LLC, who collectively own approximately 13 percent of Clearwire's voting shares, to ote their shares in support of the transaction. SoftBank has provided its consent to the transaction, as required under the terms of its recently announced merger agreement with Sprint.

In connection with the transaction, Clearwire and Sprint have entered into agreements that provide up to $800 million of additional financing for Clearwire in the form of exchangeable notes, which will be exchangeable under certain conditions for Clearwire common stock at $1.50 per share, subject to adjustment under certain conditions. Under the financing agreements, Sprint has agreed to purchase $80 million of exchangeable notes per month for up to ten months beginning in January, 2013, with some of the monthly purchases subject to certain funding conditions, including conditions relating to the approval of the proposed merger by Clearwire's shareholders and a network build out plan.

The transaction is subject to customary closing conditions, including regulatory approvals and the approval of Clearwire's stockholders, including the approval of a majority of Clearwire stockholders not affiliated with Sprint or SoftBank.


Previous
Next
Nokia To Launch Windows Phone 7.8 Update        All News        Imagination Futher Raises Bid For MIPS
Nokia To Launch Windows Phone 7.8 Update     Mobiles News      Samsung Devices Vulnerable To Android Exploit

Get RSS feed Easy Print E-Mail this Message

Related News
Sprint Closer to T-Mobile Acquisition
Sprint Said to Plan T-Mobile Bid
Spotify In Partnership With Sprint
Sprint Expands No-Contract Plan Offers with Sprint Prepaid
Sprint And Recipero To Prevent the Trade and Sale of Stolen Smartphones
Competition Among U.S. Mobile Carriers Escalates
Sprint Announces Wireless Family Plan
Sprint Is Considering a Bid For T-Mobile: report
Sprint Demos 1 Gigabit Wireless Speed
Sprint One Up Upgrade Program Goes Live
Sprint Coming Out With Upgrade Plan: report
Sprint to Begin Selling Samsung ATIV S Neo on Friday

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .