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Clearwire to tap into $80M financing from Sprint
Question of the Day
Clearwire has received buyout offers from both Sprint and Dish, a satellite TV provider. In December, it agreed to a deal with Sprint Nextel Corp. that offered $2.2 billion for the 49 percent of Clearwire that Sprint doesn’t already own. Then Dish Network Corp. bid about $5.15 billion for Clearwire in January.
As part of Sprint’s deal, the wireless carrier had agreed to provide Clearwire with up to $800 million in financing in the form of notes that could give Sprint a bigger stake if they were converted to stock.
Clearwire’s main asset is its wireless spectrum _ space on the airwaves _ that could be used to provide high data download speeds. Those are a crucial competitive factor in today’s wireless industry. But Clearwire’s frequencies are difficult to use. They require many cell towers to cover an area, and the signals don’t penetrate well into buildings.
Shares of Bellevue, Wash.-based Clearwire dipped 4 cents to $3.16 in morning trading. Sprint, based in Overland Park, Kan., added 2 cents to $5.80, while Englewood, Colo.-based Dish dropped 15 cents to $34.99.
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