Google Selling Its Entire Stake in Clearwire
Feb 24, 2012, 8:06 AM by Eric M. Zeman
According to documents filed with the Securities and Exchange Commission, Google is preparing to sell all the stock it has in Clearwire. Google spent $500 million on a 6.5% stake of the company back in 2008. Google is offering its shares at $1.60 (below the market value of $2.27). Google might recoup $47 million from the sale. Clearwire is majority owned by Sprint and has signaled that it needs more cash to continue its network transition from WiMax to LTE.
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Just goes to show....