Sprint makes formal offer of $21 billion to acquire Clearwire

Sprint Nextel has just put a $2.1 billion offer on the table to fully purchase wireless provider Clearwire, verifying recent reports of "active negotiations" between the two. The network already owns a majority stake, but would like complete control of the company (and its spectrum), including roughly 12.4 percent collectively held by Intel and Comcast. However, Japanese carrier Softbank, which wants to buy 70 percent of Sprint, needs to clear the offer before it's truly official. Sprint said in a regulatory filing that the Clearwire deal also hinges on Softbank's purchase going through (expected March or April next year), so there are still a few boxes that need ticking before any formal acquisition process can begin.