Clearwire shareholders decided Thursday it would be a good thing to collect $3.2 billion from Google, Intel, Comcast, Time Warner and team up with Sprint to build a new national high-speed wireless network, says the Kansas City Star.
“Today, our shareholders have taken a transformative step toward enabling an entirely new mobile Internet experience for consumers and businesses across the country,” Benjamin Wolff, chief executive officer of Clearwire, said in a statement. “With an unmatched spectrum portfolio, a next generation all IP network, an ever-expanding ecosystem of mobile 4G devices, and the backing of some of the most innovative communications, entertainment and technology companies in the world, Clearwire is ready to redefine mobile Internet services in the U.S.”
With the affirmative stockholder vote, the consent of its lenders in hand, review of the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 by the U.S. Department of Justice complete and approval from the Federal Communications Commission, no further consents or approvals for the transactions are required. The company is continuing to work toward closing the transaction before year-end.
An Illinois circuit court removed — for the time being — one of the last obstacles to the creation of the “new” Clearwire Monday, telling Sprint affiliate iPCS that it must pull its motion for a temporary restraining order on the deal,
The $14.6 billion venture, to be called New Clearwire, promises faster speeds than the latest cellular networks. Sprint currently offers the service in Baltimore under the Xohm brand and expects to roll out in Washington DC and Chicago soon. Clearwire is expected to roll out Mobile WiMAX in Portland, Oregon, early next year.
Clearwire is expecting to cover 100 million U.S. citizens by the end of 2010, and reach 200 million potential users by 2015.
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