Clearwire and Sprint Unit Close WiMax Merger

By  | 

KIRKLAND, Wash. (AP) _ Clearwire Corp. has completed its merger with the unit of Sprint Nextel Corp. that is building a new wireless data network.

The company formed by the merger keeps the Clearwire name. It aims to create a network that uses WiMax, a new wireless technology that promises faster data speeds than most current cellular broadband networks. The plans to make the new technology available to 120 million to 140 million people.

Overland Park, Kan.-based Sprint will own 51 percent of the company while investors in the original Clearwire will own about 22 percent.

The remainder of the company will be owned by investors including Comcast Corp., Intel Corp., Time Warner Cable Inc., Google Inc. and Bright House Networks. They have put in a total of $3.2 billion in cash.