Clearwire


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Clearwire

(Clearwire Communications, LLC, Bellevue, WA) A wireless Internet service provider (WISP) that offered mobile and fixed WiMAX service under the CLEAR brand. Clearwire merged its WiMAX network with Sprint Nextel's Xohm-branded WiMAX network in 2008, providing download speeds up to 6 Mbps. In 2013, Sprint acquired Clearwire and notified customers that WiMAX would be ended in late 2015. Users not switching to Sprint's 4G service could continue to use 3G if their devices supported both WiMAX and 3G. Clearwire was spun off from Texas-based Sierra Technologies in 1998 and was acquired by Craig McCaw in 2003. See WiMAX and WISP.
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The merger agreement was first announced on December 17, 2012 and Clearwire shareholders approved the transaction at a special meeting of stockholders held on July 8, 2013.
Crest, which owns 8% of Clearwire, has earlier opposed Sprint's previous offers for the remaining 50% in the target as undervaluing.
Verizon's offer further complicates a three-way series of deals in which Clearwire had agreed to sell itself to part owner Sprint Nextel Corp.
Clearwire actually has a WIMAX network that has been built, albeit it will be superseded by LTE which was not available when it was constructed.
Clearwire also stands to bring in additional funds from Sprint Nextel, its majority owner and main wholesale partner.
Clearwire will break down the barriers of traditional broadband service, offering consumers high-speed Internet without wires," added Bill Snoeberger, vice president of small markets for Clearwire.
After a rigorous and extensive two-year process, Clearwire pursued numerous strategic opportunities, including discussing the sale of spectrum with no fewer than 10 parties and a series of ongoing conversations with DISH that date back to 2010.
40 per share in cash offer for the remaining 50% in Clearwire it did not already own to USD5.
Sprint's deal for Clearwire hinges upon regulatory clearance, approval from Clearwire's stockholders, including the approval of a majority of Clearwire stockholders not affiliated with Sprint or SoftBank, among other conditions.
Clearwire noted that the revised offer from Sprint provides attractive and certain value to unaffiliated stockholders.
5 billion public offering, which could help fund Clearwire Corp.