Clearwire Will Access $80 Million in Sprint Financing
Clearwire today indicated that it will tap into $80 million in financing made available by Sprint. The $80 million option was put in place as part of Sprint's plan to acquire the portion of Clearwire that it doesn't already own. Clearwire, which is transitioning from WiMax to LTE, needs the financing to continue operations. Clearwire can tap into an $80 million round once per month between now and October. The move complicates a separate acquisition offer from Dish Network, which wants to buy all of Clearwire, including the portions owned by Sprint. Dish indicated last month that it would likely withdraw its proposal if Clearwire accessed any of Sprint's financing. Dish has yet to respond formally to Clearwire's move.