Sprint Nextel, Clearwire Near Pact: Report
Sprint Nextel
(S) - Get Report
has reached a deal to combine its wireless broadband division with
Clearwire
(CLWR)
, according to a published report Tuesday.
The Wall Street Journal
said the companies will get investments of roughly $1 billion each from
Comcast
(CMCSA) - Get Report
and
Intel
(INTC) - Get Report
, about $550 million from
Time Warner Cable
(TWC)
and around $500 million from
(GOOG) - Get Report
.
A formal announcement could come as early as Wednesday, the report said, citing people would had knowledge of the matter.
All told, the new firm, which would offer fast wireless Internet access for cell phones and laptop computers, would be valued at more than $12 billion, the report said. A Sprint representative said it was company policy not to comment on rumors or speculation.
Shares of Sprint were gaining 4.2% to $9.58 in late trading. Clearwire was surging 12.4% to $18.50.
This article was written by a staff member of TheStreet.com.