Wells Fargo Downgrades Clearwire (CLWR) to Market Perform on Pending Takeover
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Clearwire Corp (CLWR) trading halted with news pending
January 8, 2013 5:10 PM ESTClearwire Corp (NASDAQ: CLWR) trading halted with news pending.... More
Sprint (S) to Acquire Clearwire (CLWR) for $2.97/Share
December 17, 2012 7:01 AM ESTSprint (NYSE: S) today announced that it has entered into a definitive agreement to acquire the approximately 50 percent stake in Clearwire (NASDAQ: CLWR) it does not currently own for $2.97 per share, equating to a total payment to Clearwire shareholders, other than Sprint, of $2.2 billion. This transaction results in a total Clearwire enterprise value of approximately $10 billion, including net debt and spectrum lease obligations of $5.5 billion.
The transaction consideration represents a 128 percent premium to Clearwire's closing share price the day before the Sprint-SoftBank discussions were first confirmed in the marketplace on October 11, with Clearwire speculated to be a part of that transaction; and, a 40 percent premium to the closing price the day before receipt of Sprints initial $2.60 per share non-binding indication of interest on November 21.
Clearwires spectrum, when combined with Sprints, will provide Sprint with an enhanced spectrum portfolio that will strengthen its position and increase competitiveness in the U.S. wireless industry. Sprints Network Vision architecture should allow for better strategic... More
