Last December, Sprint Nextel announced that it intended to pay $2.2 billion to fully acquire the portion of telecom company Clearwire that it did not already own. Today, Sprint announced that the transaction is finally complete.
Clearwire shareholders approved the sale in a special shareholders meeting held on July 8. The sale closed on July 9, and is effective immediately.
Though Sprint had originally bid $2.2 billion for Clearwire, the company upped its offer near the end of June, raising its acquisition price from $2.97 per share in December to a full $5 per share of Clearwire stock. The acquisition price valued Clearwire at around $14 billion.
The expanded offer came just as Sprint and SoftBank shareholders were voting on a proposed merger of their companies. Despite competitive offers from Dish Network, Sprint shareholders approve the SoftBank merger at the end of June, and the U.S. FCC gave the go-ahead for the merger this week. The merger transaction is expected to be complete by the end of this week.