OVERLAND PARK, Kan. , Dec. 17, 2012 — King & Spalding advised Sprint Nextel in its definitive agreement with Clearwire Corporation in which Sprint will acquire the approximately 50 percent stake in Clearwire it does not currently own for $2.97 per share, equating to a total cash payment to Clearwire shareholders, other than Sprint, of $2.2 billion and an enterprise value for Clearwire of $10 billion. King & Spalding also advised Sprint in connection with voting and support agreements for the transaction that were obtained from Clearwire shareholders Comcast, Intel Capital and Bright House Networks.
The transaction is subject to customary closing conditions, including regulatory approvals and the approval of Clearwire’s stockholders, including the approval of a majority of Clearwire stockholders not affiliated with Sprint or SoftBank. The closing of the transaction is also contingent on the consummation of Sprint’s previously announced transaction with SoftBank. The Clearwire and SoftBank transactions are expected to close mid-2013.
For details about the transaction, click here.
The King & Spalding legal team involved in this transaction was led by corporate partner Michael J. Egan (Atlanta) and consisted of the following lawyers:
Adam M. Freiman (partner, New York)
Robert J. Leclerc (senior associate, New York)
Matthew S. McCoy (associate, Silicon Valley)
Nathan L. Mihalik (associate, Atlanta)
Monika Roth (associate, New York)
Carrie A. Ratliff (associate, Atlanta)
Gina von Sternberg (associate, Atlanta)
Kenneth A. Raskin (partner, New York)
Emily Meyer (associate, New York)
Laura Westfall (associate, New York)
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