After rumors suggested a deal was near, Sprint announced today that it has agreed to acquire the remaining shares in Clearwire it does not currently own.
According to Sprint, the companies have agreed to a per-share price of $2.97 on the approximately 50 percent stake in Clearwire it does not currently own. The total purchase price will hit $2.2 billion, giving Clearwire a value of $10 billion, when its debt and lease obligations are considered as part of that.
Rumors have been swirling for months that Sprint would acquire Clearwire. Earlier this year, the company bought out Eagle River Holdings' stake in the spectrum firm, giving it majority ownership in Clearwire. However, Softbank, which has announced plans to acquire a 70 percent stake in Sprint, has been eyeing Clearwire since then, and wanted to control it as part of its Sprint relationship.
Last week, a report suggested that Softbank was unwilling to allow Sprint to offer any more than $2.90 a share for Clearwire. That was the same price Sprint paid for Eagle River Holdings' Clearwire shares. Some Clearwire shareholders who were reportedly speaking on condition of anonymity said last week that they would want around $5 a share.
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