The required majority of Clearwire stockholders not affiliated with either Sprint Nextel or SoftBank voted overwhelmingly to approve the merger with Sprint, Clearwire announced late yesterday, and Sprint said this morning that the deal is done.
The owners of more than 75% of the Clearwire shares entitled to vote cast their ballots for the merger. The go-ahead allowed Sprint to acquire the rest of the shares of common stock it did not already own, at a price of $5.00 a share. Sprint already owned 50.2% of Clearwire stock.
"We are pleased that our stockholders recognize the value and merits of our merger with Sprint," said Clearwire CEO Erik Prusch in the company's announcement.
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 today.
The Federal Communications Commission had already voted unanimously to approve the Clearwire-Sprint transaction. The merger agreement was first announced on Dec. 17, 2012.
The article Sprint Acquires Clearwire After Stockholders Approve Merger originally appeared on Fool.com.Fool contributor Dan Radovsky has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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