Clearwire late last week said it would issue its shareholders about $1.62 billion worth of stock (based on Wednesday's share price) in its new wireless joint venture with Sprint's WiMAX business in exchange for their existing Clearwire shares. Also, Clearwire's board, which already has recommended Clearwire shareholders agree to the deal with Sprint, said it has agreed to pay Sprint a termination fee of $60 million if the deal doesn't go through.
The deal is expected to close in the fourth quarter and calls for a $3.2-billion investment from companies that include Intel, Google, Comcast, Time Warner Cable and Bright House.
For more:
- take a look at Forbes [1]
Related stories:
Clearwire posts Q2 loss, says Clearwire/Sprint merger on target. Clearwire story [2]
AT&T accuses New Clearwire players of doublespeak. AT&T story [3]
Links:
[1] http://www.forbes.com/reuters/feeds/reuters/2008/08/22/2008-08-22T163012Z_01_N22488054_RTRIDST_0_CLEARWIRE-UPDATE-2.html
[2] http://www.fiercebroadbandwireless.com/story/clearwire-posts-q2-loss-says-clearwire-sprint-merger-target/2008-08-08
[3] http://www.fiercebroadbandwireless.com/story/t-accuses-new-clearwire-players-doublespeak/2008-08-12