Tuesday, December 01, 2015
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Amazon Awarded With Augmented Reality Patents
Motorola Moto 360 Sport Watch Launching Next Month
Lenovo Unveils the ThinkPad P40 Yoga
Samsung Launches Web Browser for Gear VR
PRIV by BlackBerry Gets Its First Update
IDC Sees Transition To Detachable Tablets
Patriot Introduces 128GB Compact USB Flash Drives
AMD Launches the Low Profile FirePro W4300 Graphics Card for CAD
Active Discussions
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
How to burn a backup copy of The Frozen Throne
Help make DVDInfoPro better with dvdinfomantis!!!
Copied dvd's say blank in computer only
menu making
Optiarc AD-7260S review
 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.

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 Offers 50 Percent Off If You Switch From Verizon, AT&T and T-Mobile Rate Plans
Sprint Offers New iPhones With $1 Plan Trade-in Plan
Sprint Is Offering Cheap Plan For New iPhones
Sprint Has A New, All-included Rate Plan For You
Sprint Loses $30m Patent Battle
RadioShack Reaches Asset Purchase Agreement with Sprint To Acquire Its Stores
Sprint To Take Over RadioShack Stores: report
Sprint Takes On AT&T, Verizon With Half-Price Promotion
AT&T, Sprint Start Offering the Nexus 6
Sprint To Cut More Jobs
Sprint Now Offer $20, 1GB Family Data Plan
Sharp AQUOS Crystal Now Available From Sprint

Most Popular News
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .