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Sprint completes Clearwire acquisition

Today, July 9, Sprint announced that it has completed its acquisition of Clearwire. While the agreement was announced back in December, the Clearwire shareholders just approved the transaction at a special meeting held yesterday, July 8. This gives Sprint 100 percent ownership in Clearwire. Previously, Sprint owned only 49 percent of Clearwire.

As of close of business today, common Clearwire stock is no longer listed for trading. Each share of Class A, Clearwire common stock will automatically be converted into a right to receive $5 per share in cash. The $5 is more than Clearwire stock had been trading at the beginning of the year when it was around $2.86 a share.

Today, July 9, Sprint announced that it has completed its acquisition of Clearwire. While the agreement was announced back in December, the Clearwire shareholders just approved the transaction at a special meeting held yesterday, July 8. This gives Sprint 100 percent ownership in Clearwire. Previously, Sprint owned only 49 percent of Clearwire.

As of close of business today, common Clearwire stock is no longer listed for trading. Each share of Class A, Clearwire common stock will automatically be converted into a right to receive $5 per share in cash. The $5 is more than Clearwire stock had been trading at the beginning of the year when it was around $2.86 a share.

According to the press release: “Also, under the terms of the Indenture, dated as of December 8, 2010, by and among Clearwire Communications LLC, Clearwire Finance, Inc., the guarantors named therein and Wilmington Trust, National Association, as trustee (the “8.25% Notes Indenture”), the transaction constitutes a Fundamental Change for the purposes of the 8.25% Notes Indenture with an Effective Date of July 9, 2013.”

This deal coincides with Softbank’s deal to acquire 78 percent of Sprint for $21.6 billion. The Softbank side is expected to close on Wednesday. The majority of Sprint shareholders are expected to receive cash for the stock they own. Around 3 percent will receive shares of the new Sprint Corp company after the deal closes.



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