Clearwire, Sprint Complete Merger
A few days earlier than expected, Clearwire LLC (Nasdaq: CLWR) and Sprint Corp. (NYSE: S) have "completed the transaction to combine their next-generation wireless Internet businesses."
Clearwire's shareholders approved the deal last week, leading analysts to believe the deal would be completed on Dec. 1. (See I Can See Clearwire Now.)
But the transaction is already complete, and Sprint has handed over its "2.5 GHz spectrum and its WiMax-related assets, including its XOHM business, to Clearwire," the two companies announced today.
Clearwire also noted that it has received a $3.2 billion cash injection from Comcast Corp. (Nasdaq: CMCSA, CMCSK), Intel Corp. (Nasdaq: INTC), Time Warner Cable Inc. (NYSE: TWC), Google (Nasdaq: GOOG), and Bright House Networks , as originally agreed upon in May this year. (See Sprint, Clearwire Create $14.5B WiMax Giant.)
The news gave Clearwire's stock a near 10 percent hike Friday as it finished a shortened trading session up $0.60 at $6.62.
Sprint's stock also benefited, rising $0.29, or 11.6 percent, to $2.79.
Clearwire says it will hold a conference call for analysts and the media on Monday, Dec. 1, at 10 a.m. ET (7 a.m. PT) to "share its perspective and provide other details about the new company."
— Ray Le Maistre, International News Editor, Light Reading