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Clearwire Sets Date for Shareholders To Vote on New WiMAX Venture
Clearwire Shareholders to Vote November 20, 2008 To Combine the Sprint and Clearwire 4G Businesses and $3.2 Billion Equity Infusion from Strategic Investors.
According to a press release issued Thursday, Clearwire has begun the process
to enable its shareholders to vote on the proposed venture with Sprint, Intel,
Google, and others to build a nation-wide mobile WiMAX network. The
company has announced it will begin mailing proxy statements to all Clearwire
stockholders on record as of October 15, 2008. The special meeting of
stockholders will occur at 9 am PT on November 20, 2008 at the Hyatt Regency
hotel in Bellevue, Washington.
“The stockholder vote is one of the final steps required to close the
transaction with Sprint before the end of the year,” said Benjamin G.
Wolff, chief executive officer of Clearwire. “The explosive growth of
mobile data usage and revenue demonstrates that consumers want both high-speed
and mobility when it comes to their communications services. The new
Clearwire will present an unparalleled opportunity to meet that demand by
delivering a true broadband experience for our customers both at home and on the
go.”
On May 7, 2008, Clearwire announced that it had entered into agreement with
Sprint to combine their next-generation wireless broadband businesses to form a
new independent company to be called Clearwire. In addition, Intel
Corporation, Google, Comcast, Time Warner Cable and Bright House Networks have
collectively agreed to invest a total of $3.2 billion into the new venture.
Clearwire’s board of directors has by unanimous vote of all directors voting
recommended that the Company’s stockholders vote in favor of the transaction as
they believe it is strategically and financially beneficial to the Company with
the potential to create significant long-term value for its stockholders.
The transaction is expected to close during the fourth quarter of 2008.
This is great news for the industry and another milestone in the avalability of
affordable, mobile broadband services in the US.
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