After months of wrangling, Sprint (NYSE:S) has completed its purchase of the remaining 49 percent of Clearwire (NASDAQ:CLWR) that it didn't already own. The transaction closed less than one day after Clearwire shareholders approved it in a special meeting held July 8.
Sprint paid $5 per share for the remainder of Clearwire. The company had to raise its offer price three times to fight off bids from Dish Network (NASDAQ: DISH). As a result of the deal, Clearwire will no longer be listed for trading on the stock exchange, and the company expects no further trading after close of business today.
Clearwire said shareholders owning 82 percent of the company's minority shares voted in favor of the deal. In addition, holders of 95 percent of outstanding shares of common stock, including 50.2 percent of shares already held by Sprint, also voted for the deal.
On July 5, the FCC unanimously approved Sprint's acquisition of Clearwire and SoftBank's $21.6 billion investment in Sprint, completing the Commission's review of the transactions. Sprint's shareholders approved the SoftBank deal June 25.
- see this press release
- see this article
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