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Article: United States : Clearwire Reaches Deal to Raise $1.56 Billion.
- Article from:
- TendersInfo
- Article date:
- November 11, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Mamta03
Clearwire Corp. reached an agreement to raise $1.56 billion by selling new shares to several companies so it can continue the expansion of its high-speed, fourth-generation wireless network.
The company will sell shares at $7.33 apiece to Sprint Nextel Corp., Comcast Corp., Time Warner Cable Inc., Intel Corp., Eagle River Holdings LLC and Bright House Networks LLC. All are current Clearwire investors. Clearwire shares closed at $6.80 on Monday.
Sprint is Clearwire's majority shareholder and will buy the bulk of the new shares, contributing $1.18 billion. Sprint has bet heavily on Clearwire to provide 4G services, which Sprint has ...