Google sells its stake in Clearwire for $47M |
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Google sells its stake in Clearwire for $47M
Google Inc. is selling off its stake in Bellevue-based Clearwire Corp. for $47 million, according to regulatory filings with the U.S. Securities and Exchange Commission.
Google said earlier this month it planned to divest its ownership in the company at a discount on Clearwire's current stock price — selling up to 29.4 million shares at $1.60 each.
Clearwire's stock (NASDAQ:CLWR) was trading around $2.12 on Friday morning, down more than 6 percent.
Mountain View-based Google (NASDAQ:GOOG) has declined to state why it is selling off the shares. However, CNET suggests it isn't a surprise, given Clearwire's recent "funding troubles and perceived weaknesses." The company recently said it might need "substantial additional capital" after it reported widening losses in its latest earnings statement.
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