Clearwire Corp (CLWR.O) has chosen Ericsson (ERICb.ST) to take over management of its high-speed wireless network, the service provider said on Wednesday. Clearwire, which is majority-owned by Sprint Nextel (S.N), said that it would retain full ownership and strategic direction of the network under the seven-year agreement. The deal involves 700 Clearwire employees moving to work with Ericsson, which already manages Sprint's network. Both Clearwire and Sprint have been discussing the potential for Clearwire to use Sprint's wireless towers to expand its network further. Clearwire did not disclose the terms of the Ericsson agreement or how it relates to the Sprint talks.
Clearwire Corporation (Clearwire) is a provider of fourth generation (4G) wireless broadband services. Shares of CLWR traded higher by 4.92% or $0.21/share to $4.48. In the past year, the shares have traded as low as $3.97 and as high as $8.82. On average, 5439950 shares of CLWR exchange hands on a given day and today's volume is recorded at 5512887.
Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S traded higher by 1.17% or $0.06/share to $5.17. In the past year, the shares have traded as low as $3.70 and as high as $5.37. On average, 59720600 shares of S exchange hands on a given day and today's volume is recorded at 6114665.
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