Clearwire Gains as CNBC Says Sprint Deal May Come by End of Year

Clearwire Corp. (CLWR) surged to the highest in almost two months after CNBC’s David Faber said the wireless high-speed Internet company is moving closer to a transaction with Sprint Nextel Corp.

Sprint has held talks with Clearwire’s major investors to buy their shares for $3 apiece, Faber said today. While an agreement isn’t imminent, it could come before the end of the year, he said.

Clearwire rose 12 percent to $2.68, the highest intraday price since Oct. 15, at 11:48 a.m. in New York. Sprint fell 0.8 percent to $5.62.

Acquiring Clearwire and its wireless airwave licenses would give Sprint more capacity to offer high-speed Internet for mobile-phone devices. Sprint is already Clearwire’s largest shareholder and its biggest customer, through a deal in which it leases Clearwire’s airwaves to serve its mobile-phone users.

Scott Sloat, a spokesman for Sprint declined to comment. Mike DiGioia, a Clearwire spokesman wasn’t immediately available for comment.

To contact the reporter on this story: Crayton Harrison in Mexico City at tharrison5@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.