Clearwire of the US buys Imagine stake

US-based broadband services provider Clearwire has acquired a minority equity stake in Imagine Communications, the Irish alternative telecoms operator headed by entrepreneur Sean Bolger. It is understood the Nasdaq-listed US firm has purchased a 7% stake in Imagine and will appoint a representative to the company’s board. Clearwire is paying EUR5 million in cash as part of the deal and will also hand over a large portion of its Irish business and customer base to Imagine. Clearwire entered the market in the Republic in 2005 but has failed to carve out a significant niche for itself. According to its most recently published results, the US firm logged revenue of EUR8.3 million in Ireland in 2008, but made a pre-tax loss of EUR13.4 million. The transaction values Imagine at close to EUR200 million.