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Sprint expands stake in Bellevue-based Clearwire
Originally published on Thu October 18, 2012 6:54 pm
Telecommunications giant Sprint is poised to take a controlling interest in Washington-based wireless provider Clearwire. Clearwire's high-speed wireless data connections cover 80 major markets nationally, including a dozen in the Northwest.
Sprint is flush with cash after a Japanese cell phone company pumped $20 billion into it earlier this week. That gave the Kansas-based Sprint the boost it needed to buy another $100 million in Clearwire stock. The purchase pushes Sprint's ownership to just over 50 percent of the Bellevue company.
Clearwire provides high-speed wireless data connections for smart phone users. In fact, some of Clearwire's network capacity was already subcontracted out to other telecommunications providers, including Sprint.
One major investment bank, FBR Capital, told its clients that the deal is good for Sprint since it gives it more access to Clearwire's valuable 4G network.
Copyright 2012 Northwest News Network