Deal to join Sprint's WiMax division and Clearwire is completed

Sat. November 29, 2008; Posted: 02:50 AM

Nov 29, 2008 (The Kansas City Star - McClatchy-Tribune Information Services via COMTEX) -- S | Quote | Chart | News | PowerRating -- Sprint Nextel and Clearwire on Friday said they had completed a deal to join Sprint's WiMax division with Clearwire.

The $14.5 billion merger, approved by federal regulators earlier this month, creates a wireless provider that eventually will offer high-speed Internet service across the country.

Sprint, through its Xohm brand, and Clearwire have been working to offer high-speed wireless service. The deal joins those businesses into a new publicly traded company, which will be called Clearwire.

The new company received $3.2 billion in cash from Comcast, Intel, Time Warner Cable, Google and Bright House Networks. The investment will be used to build out Clearwire's network.

Craig McCaw, a wireless industry pioneer who founded Clearwire, is the new company's chairman. Barry West, Sprint's chief technology officer, is president and chief architect of Clearwire.

Up to 700 employees in Sprint's WiMax unit, most now based in Virginia, also are expected to shift to Clearwire.

Clearwire plans to offer wireless Internet service that will be incorporated into new small handheld computers, cameras and other mobile devices. The company plans to offer consumers Internet speeds bettering today's mobile-phone-based services.

Clearwire has said it wants to build out a network that could reach 120 million to 140 million subscribers by the end of 2010.

To reach David Hayes, call 816-234-4904 or send e-mail to dhayes@kcstar.com.

To see more of The Kansas City Star, or to subscribe to the newspaper, go to http://www.kansascity.com. Copyright (c) 2008, The Kansas City Star, Mo. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

For full details on Sprint Nextel Corp (S) click here. Sprint Nextel Corp (S) has Short Term PowerRatings of 7. Details on Sprint Nextel Corp (S) Short Term PowerRatings is available at This Link.

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