A Sprint Nextel cell phone store on Oct. 15, 2012 in Miami, Fla. (Photo: Joe Raedle, Getty Images)
OVERLAND PARK, Kan. -- Sprint Nextel says it reached a deal to
buy out the minority shareholders of Clearwire for $2.2 billion, a
higher price than it previously said it would pay.
Sprint says it
will pay $2.97 per share for Clearwire stock it doesn't already own.
Last week, the company said it would offer $2.90 per share, which
totaled $2.1 billion.
The deal still needs the approval of
regulators and Clearwire shareholders, but Sprint expects it to close by
the middle of next year. The acquisition will give Sprint total control
of the struggling Clearwire and more space on the airwaves for data
Sprint Nextel Corp. is the country's No. 3 wireless carrier, trailing Verizon Wireless and AT&T.
Clearwire shares fell 25 cents, or 7 percent, to $3.12 in premarket trading.