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Sprint Buys Back Control of Clearwire
Published on:
USA based Sprint Nextel has increased its holding in Clearwire Corp to 50.8 percent, reclaiming control of the company just as it in talks to be taken over by Japan's Softbank.
The move could however also mean that Sprint will need to consolidate Clearwire's debt into its own accounts as is normal when a company has management control over a subsidiary.
The company reduced its holdings in the company last June, in part to avoid the risk of having to consolidate Clearwire's debt into its accounts.
Sprint Nextel reduced its voting rights to 49.8% - from 53.7%, but retained its equity stake in the company at the current 68.2%.
Sprint Nextel brought the stake for US$100 million from Eagle River Holdings, one of the original investors when Clearwire was formed.
Tags: [sprint nextel] [clearwire] [USA]
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