Merger and Acquisitions Recap: Sprint-Clearwire Deal Put Off, UTX Divests Goodrich Unit
No immediate takeover of Clearwire (NASDAQ:CLWR), says Sprint Nextel Corporation (NYSE:S), which should stem chatter regarding a deal for a minimum of 6 to 8 months until the Softbank acquisition closes. Meanwhile, Clearwire Corporation shares have lost in mid-afternoon trading what they gained on Monday on speculation of an imminent takeover. In any case, a transaction between the two is far from certain, as Sprint does not really need to own the company because it already has access to its spectrum and Clearwire would not come cheaply.
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United Technologies Corporation (NYSE:UTX) divests its Goodrich electric power systems unit to Safran (SAFRY.PK) for $400 million as it unloads what it can of the debt it assumed when it bought Gooodrich . The deal is subject to regulatory approval by the United States, the European Commission, and by China.