Sprint Agrees to $120 Million Clearwire Break-Up Fee

Posted by at 11:35 am on December 18, 2012

Sprint today disclosed that it has agreed to pay Clearwire $120 million if its proposed $2.2 billion take-over of the company falls through. The deal is dependent on Sprint’s 70% stake sale to Softbank.

The deal also still needs to be approved by Clearwire’s minority shareholders and government regulators. Clearwire can terminate the agreement and collect the $120 million if the acquisition does not close by October 15 of next year. Last, Clearwire is not allowed to shop around for better offers. Sprint’s offer of $2.97 per share is half the share price some Clearwire investors sought for the company.

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