Sprint Closes Clearwire Deal, SoftBank Acquisition Next

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Sprint now owns all of Clearwire.

America’s third-largest wireless operator closed its acquisition of the spectrum-rich broadband provider today. Sprint already owned approximately half of Bellevue, Wash.-based Clearwire; it’s buying the rest for $5 per share. The news comes one day after Clearwire’s shareholders overwhelmingly approved the transaction.

It’s a nice windfall for Clearwire investors. The initial offer was just $2.90 per share, but a bidding war with DISH Network nearly doubled the price in the last six months. This purchase price values Clearwire at $14 billion.

Sprint is eager to further build out its 4G LTE network and to offer more high-speed services. DISH, which also failed last month in its bid to buy Sprint, is trying to get into the wireless game.

SoftBank of Japan, which is in the process of buying about three-quarters of Sprint, plans to close on its acquisition of the wireless giant sometime this quarter.

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