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.