Sprint gives up majority stake in WiMAX carrier Clearwire |
| Tuesday, 12 June 2012 | |
Sprint gives up majority stake in WiMAX carrier ClearwireLast year Sprint gave up their majority voting power on Clearwire's board and have now given up their majority ownership in the 4G provider. The decision occurred after Clearwire's stock fell below 50 percent of its original value, which allows Sprint to keep their distance if Clearwire goes bankrupt. In December Clearwire returned to the market for funding and all existing shares were diluted. Sprint gave up the option to match any additional investment as Clearwire raised $402.5 million and Sprint invested $331.4 million. By not matching Clearwire investors Sprint's ownership fell well below 50 percent and Sprint spokesman Scott Sloat said “Now that our economic interest has fallen below 50 percent, we are reclaiming our full voting rights so that our voting rights and economic rights are once again aligned". Related Link: |
| < Prev | Next > |
|---|
