Clearwire Increases Its Financing Round Led By Intel Capital and Motorola to More Than $1 Billion, Completes the Sale of NextNet Wireless to Motorola and Secures $125 Million of New Debt Financing
|Clearwire Adds Arvind Sodhani, President of Intel Capital, and David Perlmutter, Senior Vice President and General Manager of Intel Mobility Group, to its Board of Directors|
Clearwire Corporation (www.clearwire.com), a provider of next-generation wireless broadband services that enable fast, simple, portable and reliable communications anytime and anywhere within its coverage area, today announced that all conditions to the closing of investments in the company by Intel Capital and Motorola Ventures, and the sale of the company's NextNet Wireless subsidiary to Motorola, have been satisfied and the transactions have been completed.
Clearwire increased the previously announced $900 million equity financing round as a result of additional investments by existing security holders to more than $1 billion, and finalized a new debt facility of $125 million, bringing the aggregate new funding received in August to more than $1.1 billion, excluding proceeds from the sale of NextNet Wireless. The purchase price for NextNet Wireless was not disclosed.
In connection with the transactions, Clearwire also announced the appointment of Arvind Sodhani, president of Intel Capital, and David Perlmutter, senior vice president and general manager of the Intel Mobility Group, to its board of directors.
Clearwire launched its first U.S. market in August of 2004, and currently operates in urban, suburban and rural markets across the United States and in Europe. Last week, Clearwire announced the launch of its services in Honolulu, Hawaii.
Morgan Stanley, Merrill Lynch and JP Morgan led the debt financing transaction for Clearwire.
Clearwire, founded by Craig McCaw, is a provider of reliable, wireless high-speed Internet and Clearwire Internet Phone Service. Clearwire has launched wireless high-speed Internet service in 30 metro markets, covering more than 200 cities and towns in Alaska, California, Florida, Hawaii, Idaho, Minnesota, Nevada, North Carolina, Oregon, Texas, Washington and Wisconsin, as well as in Ireland, Belgium, Denmark (under the Clearwire(R) name with our partner Danske Telecom) and Mexico (via our partner MVSNet). For more information, visit www.clearwire.com.