Clearwire Corp. said that its shareholders have approved the planned combination with Sprint Nextel’s WiMax business and the investment of $3.2 billion by a five-member consortium—including three cable operators.
Clearwire announced in May its intention to combine its WiMax network with Sprint and at the same time would accept a $3.2 billion investment from Intel, Google, Comcast, Time Warner Cable and Bright House Networks. The $3.2 billion would essentially be a recapitalization of Clearwire and allow it to build out its nationwide WiMax network over the next few years.
Clearwire also said that a majority of its lenders have consented to the deal, removing the final hurdle for the venture. The deal already has passed muster with the U.S. Dept. of Justice and the Federal Communications Commission. The parties said in a statement that they are working toward closing the transaction before the end of the year.
“Today, our shareholders have taken a transformative step toward enabling an entirely new mobile Internet experience for consumers and businesses across the country," said Clearwire CEO Benjamin Wolff in a statement.