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Sprint to acquire rest of Clearwire for $2.2bn

AT&T and Chernin Group agree to buy majority of Fullscreen

US operator Sprint has confirmed that it will acquire 100 per cent of US WiMAX player Clearwire for $2.2bn. Sprint already owns a 50 per cent stake in the firm and will now purchase the remaining shares for $2.97 each.

According to Sprint, when combined with its own, Clearwire’s spectrum will provide the operator with spectrum portfolio that will strengthen its competitiveness in the US. The operator added that its Network Vision architecture will utilise and integrate Clearwire’s 2.5GHz spectrum assets for LTE.

“Today’s transaction marks yet another significant step in Sprint’s improved competitive position and ability to offer customers better products, more choices and better services,” said Sprint CEO Dan Hesse.

In October, Japanese operator Softbank announced its intention to acquire a 70 per cent stake in Sprint. Softbank will invest $20.1bn into Sprint; $12.1bn of which will be paid to its shareholders and $8bn will be used as new capital.

“Sprint is uniquely positioned to maximize the value of Clearwire’s spectrum and efficiently deploy it to increase Sprint’s network capacity,” added Hesse. “We believe this transaction, particularly when leveraged with our SoftBank relationship, is further validation of our strategy and allows Sprint to control its network destiny.”

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