NEW YORK (

TheStreet

) -- Shares of

Clearwire

(CLWR)

climbed in premarket trading Thursday after

Sprint

(S) - Get SENTINELONE, INC. Report

revealed its intention to buy out the wireless specialist.

In a

filing

with the

Securities and Exchange Commission

, Sprint said that it plans to acquire Clearwire stock that it does not already own for $2.90 a share, a deal worth around $2.1 billion.

Clearwire shares gained 11.64% to reach $3.07 before market open. Sprint's stock dipped 0.35% to $5.64.

Speculation has

swirled

for months that Sprint, Clearwire's largest shareholder, would acquire the 4G specialist.

The Overland Park, Kan.-based firm owns 51.7% of Clearwire, according to the SEC filing.

In October, Japanese firm

Softbank

reached a

$20.1 billion deal

to acquire a 70% stake in Sprint. The huge injection of capital is seen as bolstering Sprint's arsenal in the telecom battle against

AT&T

(T) - Get AT&T Inc. Report

TheStreet Recommends

and

Verizon

(VZ) - Get Verizon Communications Inc. Report

.

Sprint has provided its Clearwire proposal to Softbank for review, according to the regulatory filing.

The consolidation trend in the telecom sector has been gathering pace. Last month,

U.S. Cellular

(USM) - Get United States Cellular Corp Report

announced a

$480 million deal

to sell its Chicago, St. Louis, central Illinois and three other Midwest markets to subsidiaries of Sprint.

Clearwire shares

rose

earlier this week, lifted by

media reports

that

Sprint

(S) - Get SENTINELONE, INC. Report

is in talks with Intel and

Comcast

(CMCSA) - Get Comcast Corporation Class A Report

to buy out their stakes in Clearwire.

--Written by James Rogers in New York.

Follow @jamesjrogers

>To submit a news tip, send an email to:

tips@thestreet.com

.