Clearwire Set for Sprint Ownership at $2.97/Share

(Ping! Zine Web Tech Magazine) – ISP company Clearwire will now fall under the ownership of Sprint, the companies announced in a press release today.

Full ownership is accounted for in a transaction where the mobile provider is assuming full accountability for additionally un-owned stock set at $2.97 a share.

In totality, Sprint appears to be forking over $2.2 billion in the move. According to a CNET report, the company had earlier bought previous stake in Clearwire.

“Today’s transaction marks yet another significant step in Sprint’s improved competitive position and ability to offer customers better products, more choices and better services. Sprint is uniquely positioned to maximize the value of Clearwire’s spectrum and efficiently deploy it to increase Sprint’s network capacity,” commented Sprint CEO Dan Hesse in a press release.

As a high speed internet provider, Clearwire has excelled in 4G connectivity – something that Sprint could utilize as an asset to better compete against rivals like AT&T, Verizon and T-Mobile.

Sprint itself was acquired by Japanese-based company SoftBank for $20 billion in October.