Sprint in talks to buy out Clearwire, report says
Sprint has been talking to a number of Clearwire's big-name shareholders, according to CNBC.
Sprint Nextel may be moving closer to taking full control of 4G wireless provider Clearwire, according to CNBC.
The two companies are in active negotiations, and Sprint has been talking with some of Clearwire's big-name shareholders, including Intel and Comcast, in taking full control of the company, CNBC reported, citing unnamed sources.
A deal isn't imminent, but an announcement could come by the end of the year, the report said.
Representatives from both Sprint and Clearwire declined to comment.
Sprint is looking to scoop up the remaining 49 percent of Clearwire's stock it doesn't already hold, taking full control and allowing for a cleaner deal when SoftBank gets approval to take over Sprint.
While Sprint owns a slight majority in the company, it doesn't have control over the board, and Clearwire acts as an independent entity.
Sprint is aiming at buying each share at $3 a piece, according to CNBC. Shares rallied today, rising nearly 12 percent to $2.68.
Clearwire is in the middle of its own transition to 4G LTE and a move to push itself as a neutral wholeseller of wireless service. But its current 4G WiMax network has largely been sidelined, with Sprint only using the network for its prepaid service, having dropped Clearwire for its own 4G LTE network.