Clearwire, Sprint Nextel to form $14.55B wireless company

KIRKLAND, Wash. (AP) - Clearwire and Sprint Nextel are planning to combine their wireless broadband units to create a $14.55 billion communications company.

The new company, to be named Clearwire, will receive a $3.2 billion investment from Intel Corp., Google Inc., Comcast Corp., Time Warner Cable Inc. and Brighthouse Networks.

Sprint Nextel Corp. will be majority owner with a 51 percent equity stake.

Clearwire, which will concentrate on rolling out a mobile WiMAX network, will also receive an investment from John Stanton-led Trilogy Equity Partners.

The deal is expected to close during the fourth quarter.

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AP Business Writer Michelle Chapman