Sprint, Clearwire create new venture backed by Google, Intel and cable companies

Sprint Nextel and Clearwire Corp. are creating a new company that will sell ultra high-speed wireless services.

The companies announced today that they have reached a definitive agreement on a deal that will include $3.2 billion in outside backing from others such as Intel, Google, Comcast Corp., Time Warner Cable and Brighthouse Networks.

Sprint will own about 51 percent of the company, Clearwire will own about 27 percent and the investors, as a group, will have a stake of about 22 percent.

“For Sprint shareholders, this is an opportunity to unlock and bring visibility to the value of our significant spectrum assets, technology and expertise, by leveraging the technology, applications and distribution strengths of our investors, who together command nearly a half- trillion dollars in market capitalization,” Dan Hesse, Sprint’s chief executive officer, said in a statement.

“We’ve made an excellent start developing XOHM WiMAX services. Contributing those advances to a strongly backed new company - in which we’ll hold the largest interest - provides Sprint with additional financial flexibility and allows Sprint management to leverage and focus on our core business.”

The transaction has been approved by the boards of all the companies involved. It is expected to be completed during the fourth quarter. It will require approval from Clearwire’s shareholders and regulators, including the Federal Communications Commission.

To reach Jason Gertzen, call 816-234-4899 or send e-mail to jgertzen@kcstar.com.