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Friday, February 24, 2012

Google gets out of 4G WiMAX

Google is selling its 6.5% share in US-based 4G WiMAX network operator Clearwire for $47 million, substantially less than the $500 million it originally paid in 2008. In a statement, it said “Google periodically rebalances its investments based on its goals and its evaluation of market conditions”.

The original investment was made with a group of other tech and telecoms companies. Google had described it as ‘investing in the future of the open internet’.

[More details: Bloomberg.com; TechCrunch.com; WSJ.com]

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