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Wednesday, February 27, 2013

Clearwire in $80 million financing deal with Sprint, (NYSE: S)

Clearwire Corp said on Wednesday it will draw on $80 million in financing from Sprint Nextel Corp , which wants to purchase out the company, even though Clearwire said it will continue talks with rival bidder Dish Networks Corp .Dish offered to buy Clearwire for $3.30 per share in January, challenging Sprint's December agreement to buy out the wireless service provider for $2.97 per share.Clearwire shares fell 2.2 percent to $3.13 in premarket trading.Many Clearwire shareholders said they were unhappy with the offer price from Sprint, which already owns a majority stake in Clearwire. Sprint needs approval from the majority of Clearwire's minority shareholders to go ahead with its deal.

Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S remained unchanged at $5.78. In the past year, the shares have traded as low as $2.30 and as high as $6.04. On average, 38032600 shares of S exchange hands on a given day and today's volume is recorded at 65253.