Clearwire Completes Transaction with Sprint Nextel, Receives $32 billion

Dec 02, 2008

Clearwire announced that it has completed a transaction with Sprint Nextel Corporation to combine wireless internet businesses. The new company retains the Clearwire name and expects to build a nationwide 4G mobile broadband network focused on meeting the evolving needs and demands for Internet-based communications services. In addition, Clearwire has received a $32 billion investment from Comcast, Intel, Time Warner Cable, Google, and Bright House Networks. The company also announced today that, while its company name will remain Clearwire, its new mobile WiMAX services will be branded Clear. With the closing, Sprint contributed all of its 2.5 GHz spectrum and its WiMAX-related assets, including its XOHM business, to Clearwire.