Sprint Nextel Corp. (S: Quote) announced the successful completion of its transaction to acquire 100 percent ownership of Clearwire Corp (CLWR: Quote).
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, the companies said.
As 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 transaction constitutes a Fundamental Change for the purposes of the 8.25% Notes Indenture with an Effective Date of July 9, 2013.
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by RTT Staff Writer
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