Merger and Acquisitions Update: Sprint Gets Control of Clearwire, BP Gets Rosneft Offer
Sprint Nextel Corporation (NYSE:S) has bought control of Clearwire Corporation (NASDAQ:CLWR) through first buying out one of the latter’s other investors, Eagle River Holdings, in an arrangement that gives Sprint an interest of 50.8 percent. Earlier, observers had figured that Sprint might reach a deal through Intel or Comcast, in which it would be permitted to name a majority of directors to Clearwire’s board.
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Rosneft Oil Co. (RNFTF.PK) has officially offered BP (NYSE:BP) $28 billion in cash and stock to acquire its interest in TNK-BP, according to The Financial Times. BP would receive between $15 billion and $20 billion in cash plus a stake in Rosneft of between 10 and 20 percent. Just earlier in the week, Rosneft agreed to purchase the 50 percent interest in TNK-BP held by four billionaires in Russia, but on Thursday, they waived their right to bid for BP’s investment after failing to raise the cash.