US mobile operator Sprint has agreed to acquire the half of broadband provider Clearwire that it doesn’t already own. It’s paying $2.2 billion (£1.4 billion) for Clearwire, which offers 4G wireless broadband services and also holds a large portfolio of mobile spectrum in the USA.
Earlier this year Sprint - the third-largest mobile network operator in the USA - itself agreed to be acquired by IT and telecoms business SoftBank.
Dan Hesse, Sprint’s CEO, said “Today's transaction marks yet another significant step in Sprint’s improved competitive position and ability to offer customers better products, more choices and better services. Sprint is uniquely positioned to maximize the value of Clearwire’s spectrum and efficiently deploy it to increase Sprint’s network capacity. We believe this transaction, particularly when leveraged with our SoftBank relationship, is further validation of our strategy and allows Sprint to control its network destiny.”
The Clearwire and SoftBank deals are both expected to be completed in mid-2013, subject to regulatory and shareholder approval.