Clearwire and Sprint Nextel have joined forces to create a single company worth just under $15 billion.
The aim of the collaboration is to create a nationwide â€œWiMaxâ€ mobile wireless network with an ultimate goal of blanketing North America with WiFi access.
If youâ€™re wondering why all this sounds a little familiar it might be because the two companies announced something similar in July of last year. Clearwire and Sprint agree to team up and form a WiFi alliance in the Summer of 07 but scrapped the deal in November citing â€œthe complexities of the transaction and the departure of (Sprint CEO) Gary Forseeâ€ as the reason why the two companies got cold feet.
While the new communications company will be named Clearwire, Sprint Nextel will own the majority of the company with a 51 percent stake. The company will see a $3.2 billion investment from Intel, Google, Comcast, Time Warner Cable and Brighthouse Networks but will also receive an investment from John Stanton-led Trilogy Equity Partners.
Nationwide WiFi sounds more hopeful than promising.