Sprint finally takes controlling stake in Clearwire

Sprint has kept itself in the news cycle pretty intensely in the last few weeks -- what with all of that getting bought by Softbank and such -- and now it has another big announcement. Today Sprint will finally take a controlling interest in partner Clearwire, purchasing 30.9 million Class A shares (and fractional interests in some Class B shares) for $100 million. Sprint will now own 50.8-percent of the company. Previously, the two companies simply had a business partnership, with Sprint as a large investor.
The initial partnership was formed to deploy WiMax for Sprint and Clearwire customers. Since then, Sprint has made the decision to move towards LTE, and needed a controlling stake in Clearwire in order to use their vast spectrum holdings without restriction.
Source: Reuters
Get the Android Central Newsletter
Instant access to breaking news, the hottest reviews, great deals and helpful tips.
Andrew was an Executive Editor, U.S. at Android Central between 2012 and 2020.