Sprint acquires 100 percent ownership of Clearwire

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Sprint announced today that it now owns all of Clearwire. According to the press release, Clearwire shareholders approved the merger in a special meeting of stockholders that was held July 8, 2013. The acquisition was first announced in December of 2012 and was waiting for approval by Clearwire. Now that Clearwire has agreed to the merger, Sprint closed the deal today.

As part of the acquisition, Clearwire’s Class A common stock will be removed from trading on the NASDAQ stock exchange at the end of day on July 9, 2013. Each share of Clearwire stock will be converted into $5.00 cash. You can read the details about the merger in the press release below.

[Via Sprint]

Sprint Completes Acquisition of Clearwire

OVERLAND PARK, Kan. & BELLEVUE, Wash. (BUSINESS WIRE), July 09, 2013 – Sprint (NYSE: S) today announced the successful completion of its transaction to acquire 100 percent ownership of Clearwire (NASDAQ: CLWR). The merger agreement was first announced on December 17, 2012 and Clearwire shareholders approved the transaction at a special meeting of stockholders held on July 8, 2013. The transaction closed and became effective today.

At the effective time, each share of Class A common stock of Clearwire automatically converted into the right to receive $5.00 per share in cash. As a result of the completion of the transaction, the common stock of Clearwire will no longer be listed for trading on the NASDAQ stock exchange and Clearwire expects no further trading after the close of business on July 9, 2013.

Also, under the terms of the Indenture, dated as of December 8, 2010, by and among Clearwire Communications LLC, Clearwire Finance, Inc., the guarantors named therein and Wilmington Trust, National Association, as trustee (the “8.25% Notes Indenture”), the transaction constitutes a Fundamental Change for the purposes of the 8.25% Notes Indenture with an Effective Date of July 9, 2013.

Citigroup Global Markets Inc. acted as financial advisor to Sprint and Skadden, Arps, Slate, Meagher & Flom LLP and King & Spalding LLP acted as counsel to Sprint. The Raine Group acted as financial advisor to SoftBank Corp. and Morrison Foerster LLP acted as counsel to SoftBank. Evercore Partners acted as financial advisor and Kirkland & Ellis LLP acted as counsel to Clearwire. Centerview Partners acted as financial advisor and Simpson Thacher & Bartlett LLP and Richards, Layton & Finger, P.A. acted as counsel to Clearwire’s special committee. Blackstone Advisory Partners L.P. advised Clearwire on restructuring matters.

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