Sprint completes Clearwire acquisition

Sprint completes Clearwire acquisition

Sprint Nextel has completed its much-anticipated acquisition of Clearwire Corp.

Clearwire shareholders approved the transaction on Monday this week which will see each share of Clearwire’s stock converted into $5 per share in cash, and the company no longer appearing on the NASDAQ stock exchange.

Confirmation of the deal comes in the same week Sprint is expected to be officially acquired by SoftBank, meaning the Japanese communications provider will majority-own both companies.

All acting under the SoftBank name, the three companies will reportedly look to compete more effectively against US rivals Verizon, AT&T and T-Mobile.

Under terms of an agreement with the US government, Sprint has been told to remove any Huawei technology from the Clearwire system following ongoing concerns over the Chinese vendor’s cyber security.

In June this year, Sprint filed official lawsuits against Dish and Clearwire under claims that Dish was attempting to hijack the deal.