Clearwire raises $1.5 billion, but Google not among investors |
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Mass High Tech
Clearwire raises $1.5 billion, but Google not among investors
Looking to build out its WiMax network nationwide, Kirkland-based Clearwire has raised $1.56 billion from an investor syndicate that includes Sprint Nextel, Intel, Comcast, Time Warner Cable, Bright House Networks and Craig McCaw's Eagle River Holdings. Noticeably absent from that list is Google, which participated in Clearwire's $3.2 billion financing last year.
A Google spokesman tells Bloomberg News that the company has already made a large investment in Clearwire and plans to focus on "product and strategic cooperation." The deal was first reported by The Wall Street Journal, which noted that Sprint will invest $1.18 billion.
Shares of Clearwire are up about one percent today, trading up seven cents to $6.87. More details may emerge today as Clearwire plans to host an earnings call at 1 p.m.
Clearwire currently operates its WiMax network in 24 markets in the U.S. Here's a look at the ownership stakes of each of the major investors in Clearwire:
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