Sprint Nextel bids on rest of Clearwire

Dec. 13, 2012 at 1:41 PM

OVERLAND PARK, Kan., Dec. 13 (UPI) -- U.S. phone carrier Sprint Nextel is poised to pounce, offering $2.1 billion for the shares of Clearwire Corp. that it does not own, a public filing said.

Sprint Nextel currently owns 51.7 percent of Clearwire.

A deal struck in October has given Sprint Nextel, the third largest phone carrier in the country, the confidence and the cash to look for acquisitions that would help it to expand.

In October, Sprint Nextel sold a majority of its own stake to SoftBank of Japan for $20.1 billion, which greatly increased Sprint's purchasing power.

The offer to buy Clearwire would require SoftBank to sign off on the deal, The New York Times reported Thursday.

The offer from Sprint Nextel values Clearwire at $4 billion. It would give Spring Nextel a sizable portion of the wireless spectrum and the ability to speed up its pursuit of a next generation wireless network.

Related UPI Stories
Latest Headlines
Trending Stories
American Apparel files for Chapter 11 bankruptcy
At least 5 dead in South Carolina's '1,000-year' rain
Gay Vatican priest comes out day before Pope Francis begins synod on family issues
Utah GOP Rep. Jason Chaffetz joins race for Speaker of the House
Nobel Prize in medicine awarded to parasitic disease scientists