It's finally official: Sprint has completed its planned acquisition for 100 percent of wireless high speed network provider Clearwire.
The nation's third largest wireless provider boasted the news in a statement issued on Tuesday morning.
Here are the major takeaway points as of today:
- Clearwire shareholders approved the transaction on July 8, becoming effective on July 9.
- Each share of Class A common stock in Clearwire automatically converted into the right to receive $5.00 per share in cash.
- Clearwire will no longer be listed for trading on the Nasdaq stock exchange.
- Clearwire expects no further trading after the close of business on July 9.
Japanese wireless provider SoftBank announced it is scheduled to complete its own $21.6 billion merger with Sprint this week.
All of these chips fell into place rather quickly after thethe Sprint-SoftBank-Clearwire deal last Friday.
To recap, SoftBank made a bid for a 70 percent stake in Sprint for $20.1 billion last October., it was expected that the deal would close (subject to regulatory approval) by mid-2013.
At the same time, Sprint owned just more than half of Clearwire and wanted to acquire the rest of the company for $2.97 per share.
But there have been a few bumps as this deal works on obtaining federal approval.
For one, Clearwire shareholders asked Sprint.
That was after Dish filed a note with the FCC to pause review of the Sprint-Softbank deal, assuming that Sprint would be forced to drop its bid for the rest of Clearwire's shares -- thus allowing Dish to wedge its way in instead.
that the federal agency would issue a ruling as soon as May. However, that was obviously wishful thinking as the last few months have come and gone with nary a peep on the matter.
Dish eventually dropped out of the running, and SoftBank's bid for Sprint was modified in early June to $16.64 billion with a 78 percent ownership in Sprint.
While the direct investment was lowered to $5 billion, the overall value of the deal was still bumped up to $21.6 billion. Sprint shareholders approved the revised bid.