Thursday, May 12, 2011
Intel Corp. will sell up to 10 million shares of common stock in wireless broadband services provider Clearwire Corp. through its venture capital arm, Intel Capital, the company said Wednesday (May 11).
Intel will begin selling the shares in open transactions on the Nasdaq global market beginning Friday, Intel said in a regulatory filing.
Intel said in the filing that it owns more than 102.4 million shares of Clearwire, or about 33 percent of the company's total outstanding shares.
Sprint Nextel, the majority owner of Clearwire, last month agreed to pay Clearwire more than $1 billion over the next two years for 4G service. The agreement appeared to quell looming questions over Clearwire's future and whether Sprint would continue to buy high-speed data service.
In March, Clearwire CEO Bill Morrow resigned, as did two other high-ranking executives of the company.
In the filing, Intel said WiMax continues to be strategically important to the company and that the sale of the Class A common stock does not affect any contractual obligations or business arrangements between Intel and Clearwire.
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