Telecom & Wireless
Clearwire, Cha-Ching (CLWR, S, CMCSA, TWC, GOOG, CLWRD)
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Clearwire Corporation (NASDAQ:CLWR) will be trading with the "CLWRD" ticker for the first 20 trading days. While many ticker changes are not good, this one is. Clearwire and Sprint Nextel Corporation (NYSE: S) have completed their long-pending transaction to combine their next-generation wireless Internet businesses. The long and short of it is that this is a huge win for Clearwire, but the details are even better for the company.
Clearwire has now received a $3.2 billion cash investment from Comcast(NASDAQ: CMCSA), Intel (NASDAQ: INTC), Time Warner Cable (NYSE: TWC),Google (NASDAQ: GOOG) and Bright House Networks.
With the closing, Sprint contributed all of its 2.5 GHz spectrum andits WiMAX-related assets, including its XOHM business, to Clearwire.
The original terms that were announced on May 7, 2008 were the sameterms this deal was completed under. That is very important for thecompany because Clearwire was a $15.00+ stock right around that time.While there was almost a 10% gain today, this is still only a $6.62stock. The long and short of it is that Clearwire has not been immuneat all to the pressure that has been out there on stocks, particularlyspeculative tech stocks.
The new post-combination company will retain the Clearwire name and it will also remain headquartered in Kirkland, Washington.
Jon C. Ogg
November 28, 2008
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