Showing posts with label Clearwire. Show all posts
Showing posts with label Clearwire. Show all posts

Wednesday, July 10, 2013

Sprint completes acquisition of Clearwire transaction

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.

Wednesday, June 26, 2013

DISH Network gives up on Clearwire

Dish Networks withdrew its tender offer for Clearwire following Clearwire's recent decision to side with Sprint's revised acquisition terms.

The withdrawal comes as a major blow for Dish.

Dish also recently withdrew from its attempts to purchase Sprint.

It had hoped to buy both Clearwire and Sprint to launch cellular services of its own. Dish will now have its sight set on Tmobile

Tuesday, June 25, 2013

Earthlink tries Clearwire WiMAX as MVNO

Now that dial up Internet access is slowly becoming a thing of the past EarthLink is looking for new alternative options for customers. They’ve recently signed up as a WiMAX MVNO on the Clearwire network to give wireless access to customers where 4G WiMAX coverage is available. They’ll be offering two packages, a $30/mo package with up to 3Mbps of speed and 2GB of data while the other package offers speeds up to 6Mbps and 4GB of data for $50/mo. In addition to the base level of data users can also add additional buckets of data at $5 for 500MB, $10 for 1GB or $17.95 for 2GB of usage. Although this may sound like a deal WiMAX coverage is tough to come by and far better prepaid options exist like the 20GB Millenicom service offering 2G/3G and 4G LTE at much faster speeds.

Friday, October 26, 2012

Clearwire slows down on LTE goal

Virtually all major carriers have adapted 4G LTE and Clearwire announced their plan to convert to LTE a few months ago. Originally they stated that they’d have 5,000 cell sites upgraded by the mid part of 2013, but now they plan to scale that number back to 2,000 sites. This is a direct result of the recent Sprint acquisition by Softbank and rumors circulating that Sprint will acquire Clearwire now. Last week Sprint purchased more Clearwire stock giving them majority control with a 53 percent voting stake in the company. Clearwire CEO Erik Prusch stated in a conference call "We want to make sure our LTE network is built in conjunction or alignment with Sprint introducing devices capable of using it.”

Wednesday, October 24, 2012

Telecom-Industry Subscriber reports

Telecommunications companies have begun releasing their earnings reports for the latest quarter.

Oct. 18: Verizon Communications Inc.'s wireless division added a net 1.5 million devices to contract-based plans in the third quarter, more than it has in many years. Analysts were expecting it to add about 900,000. Including non-contract devices, overall additions were the strongest in four years.  

Wednesday: AT&T Inc. says it added a net 151,000 new customers on contract-based plans from July through September, the lowest number for that period since at least 2003. 

— Thursday: Sprint Nextel Corp.
— Oct. 30: MetroPCS Communications Inc.
— Nov. 7: Leap Wireless International Inc.
— Nov. 8: T-Mobile USA, a unit of Deutsche Telekom AG; Windstream Corp.

Note: T-Mobile and MetroPCS have reached a deal to combine their cellphone businesses, but they will report separately until the deal is completed.

Thursday, October 18, 2012

Sprint buys majority control of Clearwire

Recently Softbank purchased a majority stake and now Sprint is using some of that money to purchase back their majority stake in Clearwire. In a regulatory filing Sprint will pay wireless pioneer Craig McCaw and his holding company $100 million for a 5 percent stake in Clearwire pushing their voting stake to 53 percent. Previously both Sprint and Clearwire had struggled financially and Softbank’s $20.1 billion investment will give them the capital to invest more into Network Vision and their 4G LTE rollout. Sprint and Clearwire have had a rocky relationship with them gaining a stake over 50 percent back in 2008 only to let it slip earlier this year after Clearwire issued more shares to raise capital.

Thursday, October 04, 2012

Clearwire may delay 4G LTE network buildout

According to Nasdaq Clearwire has warned investors they may delay the buildout of their next generation 4G LTE network. Comcast recently converted their shares into commonly traded shares, but haven’t indicated if they’ll sell their 6% stake, according to a regulatory filing. Within the filing Clearwire said they’re evaluating the next generation network plans to hit expected revenue and "may elect to delay a portion of our deployment schedule accordingly.” At this time Clearwire is dead last in the race to 4G LTE dominance with Verizon leading the pack, AT&T bringing up second and Sprint in a distant third place. Clearwire plans to begin building their LTE network early next year and have 5,000 LTE sites up by mid 2013.

Tuesday, September 11, 2012

EarthLink using Clearwire 4G WiMAX

BELLEVUE, Wash. and ATLANTA - September 10, 2012 - Clearwire Corporation (NASDAQ: CLWR), a leading provider of 4G mobile broadband services in the U.S., and EarthLink, Inc. (NASDAQ: ELNK), a leading IT services and communications provider, today announced a wholesale agreement that will enable EarthLink to offer its customers high-speed fixed and mobile broadband service using Clearwire's 4G network.

"Clearwire's wholesale 4G services offer a wide range of customer and product options for established and non-traditional wireless entrants seeking to seize the opportunity in the hot mobile broadband market of today," said Don Stroberg, SVP of strategic partnerships and wholesale at Clearwire. "Clearwire's 4G network is a great extension to EarthLink's business, enabling them to add 4G fixed and mobile data plans to their diverse service portfolio. We're thrilled to continue building momentum for our wholesale 4G business as the premier wholesale provider of 4G capacity to carriers, ISPs and other service providers in the U.S."

EarthLink's wireless service will initially target consumers for in-home use, and is expected to launch in early 2013. Future product offerings will include mobile devices and new services for small business customers.

"Customers are increasingly equating broadband services with wireless services and our wholesale agreement with Clearwire will allow EarthLink to offer the wireless products and services necessary to remain a leader in communications services," said Michael Toplisek, Executive Vice President of Products & Marketing for EarthLink. "The 4G broadband speeds and urban and suburban network focus aligns well with our long-term strategy for growing our customer base. We are excited to leverage Clearwire's leadership in 4G for both WiMAX and LTE in the future."

Clearwire is constructing a next-generation 4G LTE Advanced-ready network to address the mobile broadband capacity needs of wholesale customers in urban markets where demand for wireless data is high. As Clearwire's LTE network comes online, EarthLink and Clearwire expect to extend their agreement to offer users even faster speeds.

Wednesday, August 01, 2012

Clearwire WiMAX sacrificed in Sprint iDEN shutdown

Earlier this year Sprint starting deploying their Network Vision rollout and as part of that plan, they’ve been decommissioning iDEN towers to pave the way for 4G LTE connectivity. At this time Sprint has disabled 9,600 iDEN cell sites, well ahead of their third quarter completion date. However, during this process Clearwire subscribers are noticing that they’re losing service as sites with both iDEN and WiMAX are also being shutdown. Clearwire insists that they’ll continue to operate WiMAX equipment after Sprint disables them. Let us know in the comments below if you’ve noticed a lack of Clearwire coverage in your area!