Sprint announced Monday that it has come to an agreement to acquire the roughly 50 percent stake in Clearwire that it does not already own.
Last week, Sprint had offered to pay $2.90 a share for a potential buyout, but now it has settled at $2.97 per share, which raises the total payment it will make to Clearwire\’s minority shareholders to $2.2 billion.
The buyout is not completely official just yet, as it will need to go through the customary regulatory and stockholder approvals, but Sprint expects the deal to be finalized by sometime mid-2013.
The move was largely made possible due to Japanese corporation SoftBank\’s acquirement of a 70 percent stake in Sprint last October, which was made to the tune of $20.1 billion.
Sprint already owns 51.7 percent of Clearwire, but a complete buyout would allow America\’s third-largest mobile carrier to have full control over Clearwire\’s spectrum and assets. It would also allow Sprint to expand its LTE coverage in an effort to become more competitive to its chief rivals, Verizon and AT&T.