ATLANTA, GA and NEW YORK, NY--(Marketwire - May 7, 2008) - King & Spalding, a leading
international law firm, announced today that it is representing Sprint
Nextel Corporation in its agreement with Clearwire Corporation to combine
their next-generation wireless broadband businesses to form a new wireless
communications company. The new company, which will be named Clearwire,
said it will focus on expediting the deployment of the first nationwide
mobile WiMAX network to provide a true mobile broadband experience for
consumers, small businesses, medium and large enterprises, public safety
organizations and educational institutions.
The agreement calls for Sprint Nextel to contribute all of its 2.5 GHz
spectrum and its WiMAX-related assets to a subsidiary of the new Clearwire.
Intel Corporation through Intel Capital, Google Inc., Comcast Corporation,
Time Warner Cable, Inc. and Bright House Networks will invest an additional
$3.2 billion. The implied post-investment equity valuation of the new
Clearwire is approximately $14.4 billion based on the target price of $20
per share. The new Clearwire will apply for listing of its common stock on
the NASDAQ under the ticker "CLWR."
Subject to possible post-closing adjustments, Sprint Nextel will own
approximately 51 percent, Clearwire's former shareholders will own
approximately 27 percent and the investors will own approximately 22
percent of the New Clearwire.
Mobile WiMAX is a standards-based wireless broadband technology designed to
operate multiple times faster than today's third-generation wireless
networks. With embedded chipsets in laptops, phones, PDAs, mobile internet
devices and consumer electronic equipment, mobile WiMAX technology is
expected to allow users to wirelessly access a range of multimedia
applications, such as live videoconferencing, recorded video, games and
large data files from anywhere within the network coverage area.
For additional information about WiMAX and Sprint Nextel's agreement with
Clearwire, click here.
King & Spalding has represented Sprint Nextel for more than 15 years.
During that time, the firm has advised Sprint Nextel on transactions with a
total aggregate deal value exceeding $100 billion.
The King & Spalding legal team representing Sprint Nextel is led by partner
Michael J. Egan, of the firm's Atlanta office. Other members of the team
are the following:
Corporate/ M&A
Stephen M. Wiseman, partner (New York)
E. William Bates, II, partner (New York)
Susan J. Kolodkin, counsel (Atlanta)
Paul G. Prince, counsel (New York)
Amy L. Garvey, associate (Atlanta)
Eric J. Kurtz, associate (Atlanta)
Monika Roth, associate (New York)
Carl E. Smith, associate (New York)
Vanessa Witt, associate (New York)
Tax
Robert G. Woodward, partner (Atlanta)
John K. Sweet, partner (New York)
Employee Benefits
Donald S. Kohla, partner (Atlanta)
Mark P. Kelly, counsel (Atlanta)
Jan G. Marsh, consultant (Atlanta)
Litigation
Daniel J. King, partner (Atlanta)
Richard T. Marooney, Jr., partner (New York)
Paul A. Straus, partner (New York)
Emily J. Culpepper, counsel (Atlanta)
Amy Yervanian, associate (Atlanta)
Shelby Guilbert, associate (Atlanta)
Michael Cates, associate, (Atlanta)
Jessica Rank Divine, associate (New York)
Financial Transactions
Angela L Batterson, partner (New York)
Albert H. Conrad, partner (Atlanta)
Gayle A. Berne, associate (New York)
About King & Spalding
King & Spalding is an international law firm with more than 800 lawyers in
Atlanta, Austin, Charlotte, Dubai, Frankfurt, Houston, London, New York,
Riyadh (affiliated office), San Francisco, Silicon Valley and Washington,
D.C. The firm represents half of the Fortune 100 and in a Corporate Counsel
survey in September 2007 was among the top firms representing Fortune 250
companies. For additional information, visit
www.kslaw.com.
Contact Information: Contact:
Matt Hyams
King & Spalding
Ph: (212) 827-4057