Verizon throws spanner in the works with USD1bn bid for Clearwire spectrum

16 Apr 2013

Verizon Wireless, the United States’ largest wireless operator by subscribers, has tabled a bid to acquire a number of Clearwire’s spectrum licences in major cities, people familiar with the proposal have revealed. According to Bloomberg, Verizon is the unnamed ‘strategic buyer’ that Clearwire disclosed last week in a regulatory filing. The company, which Clearwire called ‘Party J’, reportedly made an offer on 8 April worth USD1 billion to USD1.5 billion, minus the present value of the spectrum leases, ‘which could be substantial’. Verizon’s interest throws another spanner into the works for Sprint Nextel, which offered to pay USD2.97 per share for the roughly half of Clearwire that it does not already own. Sprint is currently fending off the advances of US satellite TV giant DISH Network, which has already lodged a competing USD3.30 per share bid for Clearwire. Meanwhile, DISH complicated things further yesterday by announcing an unsolicited USD25.5 billion offer for Sprint Nextel itself.

United States, Clearwire, Verizon Wireless