Sprint Nextel, Clearwire Near Pact: Report

Sprint has reached a deal to combine its wireless broadband division with Clearwire, according to a published report.
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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

Google

(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.