Thursday, November 20, 2008

Clearwire Stockholders Approve Sprint Deal

Kirkland, Washington-based Clearwire said today that its stockholders have approved the company's plan to merge with Sprint's mobile WiMax business. According to Clearwire, the stockholders also approved a $3.2B investment by Intel, Google, Comcast, Time Warner Cable, Bright House Networks and Trilogy Partners in the firm, which will continue to be known as Clearwire. Clearwire is deploying a nationwide wireless network based on the WiMax wireless standard, which has a much larger range than existing Wi-Fi equipment. The firm said it is working to close the transaction before the end of the year. The deal was originally announced in May.