Shareholders of telecommunications company Clearwire (CLWR) have approved a plan to merge with Sprint Nextel's (S) wireless broadband network.
Shareholders of telecommunications company Clearwire have approved a plan to merge with Sprint Nextel’s wireless broadband network.
Investors of the Kirkland-based startup voted to accept the deal today during a special meeting.
Clearwire and Overland Park, Kan.-based Sprint expect to close the deal by the end of the year.
The $14.6 billion venture, also to be called Clearwire, will continue developing a mobile network based on WiMax technology. WiMax promises faster speeds than the latest cellular networks for movies, games and other data services. Sprint currently offers the service in Baltimore under the Xohm brand.
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Google, Intel and a group of cable companies will also invest in the new Clearwire.