Sprint Nextel has completed its acquisition of Clearwire Corporation for US$5.00 per share and the spectrum-rich wireless internet provider will no longer trade on the Nasdaq after today.
The announcement follows 82% of Clearwire’s minority investors…
Sprint Nextel has completed its acquisition of Clearwire Corporation for US$5.00 per share and the spectrum-rich wireless internet provider will no longer trade on the Nasdaq after today.
The announcement follows 82% of Clearwire’s minority investors voting in favour of Sprint’s proposal at an EGM yesterday. All of Clearwire’s class A common stock has automatically converted into the right to receive US$5.00.
The Federal Communications Commission approved the transaction last Friday, alongside Softbank’s connected US$21.6bn takeover of Sprint. The deal gives Sprint more spectrum than either of its larger rivals, AT&T and Verizon Wireless.
Sprint first agreed to buy Clearwire last December, for US$2.97. However, to close the deal it ended up increasing its offer by 63% to US$5.00 to assuage vocal minority investors and fend off Dish Network, which also tried to buy into Clearwire.
Citigroup Global Markets acted as financial adviser to Sprint and Skadden, Arps, Slate, Meagher & Flom and King & Spalding acted as counsel.
Evercore Partners acted as financial advisor and Kirkland & Ellis acted as counsel to Clearwire.
Centerview Partners acted as financial adviser and Simpson Thacher & Bartlett and Richards, Layton & Finger acted as counsel to Clearwire’s special committee. Blackstone Advisory Partners advised Clearwire on restructuring matters.
