Printed from http://www.electronista.com

Credit Suisse buys Google's Clearwire shares

updated 04:30 pm EST, Fri March 9, 2012

Google sells 29.4m shares to Credit Suisse

Google has sold its stake in Clearwire to international financial services group Credit Suisse, the Wall Street Journal revealed this week, citing unnamed sources. Each of the 29.4 million shares sold for $2.26 for a total of $66.5 million. While this represents an enormous loss compared to the $500 million Google paid in 2008, it's still better than the $1.60 per share Google was asking late last month.

Credit Suisse may now turn around and sell the Clearwire shares to other parties, which is a common move for such groups. Clearwire's stock price was $2.21 as of Friday morning. None of the companies involved officially commented on the alleged sale, however. Sprint remains the major stakeholder in Clearwire.

Clearwire, a WiMAX broadband provider, is in need of cash to build out its LTE network, and has offered $300m in stocks late last year. It plans to spend $600 million on new 4G network gear over the next two years.



By Electronista Staff
toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Crucial MX100 256GB SATA-3 SSD

While the price-per-gigabyte ratio for magnetic platter-based hard drives can't be beat, the speed that a SSD brings to the table for ...

Narrative Clip

With the advent of social media technology, people have been searching for new ways to share the events of their daily lives -- be it ...

Blue's Mikey Digital

Blue Microphones, a company that makes some of the most popular digital USB microphones among podcasters and musicians, has for some t ...

Sponsor

toggle

Most Commented

 
toggle

Popular News