Tuesday, December 6, 2011

Clearwire Looks To Raise $300M On Markets

Bellevue-based Clearwire, the operator of a wireless network based on WiMax, said Monday that it is looking to raise $300M on the markets, to raise money for its LTE network efforts. Clearwire said the $300M offering of its class A common stock will be managed by J.P. Morgan, BofA Merrill Lynch and Jefferies & Company. Clearwire explained that proceeds will go towards general corporate and working capital, deployment of 4G LTE technology, and for operations and maintenance. Clearwire has been on the wrong side of wireless technology, betting heavily on the WiMax standard, as the rest of the industry decided to deploy competing 4G LTE technology; the firm has said since that it will begin deploying LTE for future network buildout.