Shares of Clearwire Corporation (CLWR) fell 13.6% in Monday's trading session. The provider of fourth generation wireless broadband services agreed to be taken over by Sprint (S) at a price which disappointed some investors.
The Deal
Shares of Sprint Nextel ended Monday's session unchanged after the firm announced to acquire a 100% ownership stake in Clearwire. Sprint already owned 50% in the firm, and will acquire the remaining 50% stake for $2.97 per share, or $2.2 billion. Sprint will furthermore assume $5.5 billion in net debt and spectrum lease obligations, valuing the entire firm at roughly $10 billion.
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