Sprint completes Clearwire buy at $5 per share

Sprint officially acquires the remaining 50 percent of Clearwire a day after shareholders overwhelmingly vote to approve the deal.

As expected, Sprint has completed its acquisition of Clearwire.

The company announced the news on Tuesday, saying that it now owns 100 percent of Clearwire. Sprint previously owned about 50 percent of the wireless company.

Sprint initially offered $2.97 per share for Clearwire. However, after concern over the valuation from shareholders and an unsolicited bid from Dish, Sprint changed its tune and upped its offer to $5 per share. Dish bowed out after the carrier upped its bid.

The deal's closure comes just a day after Clearwire shareholders overwhelmingly voted to approve the deal .

Clearwire offers a nationwide wireless broadband network and has a retail business that offers wireless broadband service to consumers. Sprint wanted to buy out the other Clearwire shareholders to roll the company into its own business. Meanwhile, Japan's Softbank has been working to acquire Sprint since October.

About the author

Don Reisinger is a technology columnist who has covered everything from HDTVs to computers to Flowbee Haircut Systems. Besides his work with CNET, Don's work has been featured in a variety of other publications including PC World and a host of Ziff-Davis publications.

 

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