US carrier Sprint is to buy the approximately 50 per cent stake in Clearwire that it does not currently own for $2.2bn (£1.4bn), or $2.97 per share. As part of the deal, Sprint will also assume responsibility for the smaller carrier’s net debt and $5.5bn worth of spectrum lease obligations. The deal was made possible by SoftBank’s 70 per cent investment in Sprint, and is reliant on the Softbank investment completing some time next year.

Sprint says that Clearwire’s spectrum, when combined with its own will provide it with an enhanced spectrum portfolio that will strengthen its position and increase competitiveness in the US wireless industry. Sprint adds that its Network Vision architecture should allow for better strategic alignment and the full utilization and integration of Clearwire’s complementary 2.5 GHz spectrum assets, while achieving operational efficiencies and improved service for customers as the spectrum and network is migrated to LTE standards.

“Today’s transaction marks yet another significant step in Sprint’s improved competitive position and ability to offer customers better products, more choices and better services,” said Sprint CEO, Dan Hesse. “Sprint is uniquely positioned to maximize the value of Clearwire’s spectrum and efficiently deploy it to increase Sprint’s network capacity. We believe this transaction, particularly when leveraged with our SoftBank relationship, is further validation of our strategy and allows Sprint to control its network destiny.”