Clearwire raises US734M to fund LTE rollout – Mobile World Live

Clearwire raises US734M to fund LTE rollout

14 DEC 2011

US wholesale operator Clearwire said it had raised US$734M in its latest funding round, describing this as “a critical step for Clearwire to achieve its long-term business plan of creating the first wide-channel TDD-LTE 4G network in the US." The company raised US$402.5 million from a public offering, with the remaining US$331.4 million coming from majority owner Sprint.

The net amount available to the company for investment is US$715.5 million, which will be used for “general corporate and working capital purposes, including the deployment of mobile 4G LTE technology alongside the mobile 4G WiMAX technology currently on its network, and for the operation and maintenance of its networks, and to pay fees and expenses associated with this offering.”

In a statement, Erik Prusch, president and CEO of Clearwire (pictured), said: "The added resources will enable us to continue delivering 4G mobile broadband service to meet the rapidly growing demand in the industry. We remain ideally and uniquely positioned to serve both wholesale and retail customers well into the future."

Clearwire announced the funding round earlier this month, shortly after it confirmed a renewed deal with Sprint. The size of the offering was increased in the interim.

While Clearwire announced its plans to deploy TD-LTE in high-traffic areas as a complement to its WiMAX network, it has so far not detailed its rollout schedule.

Author

Steve Costello

Steve works across all of Mobile World Live’s channels and played a lead role in the launch and ongoing success of our apps and devices services. He has been a journalist...More

Read more

Related

Tags