OVERLAND PARK, KS--(Marketwire - Dec 17, 2012) - King & Spalding advised Sprint Nextel in its definitive agreement with Clearwire Corporation in which Sprint will acquire the approximately 50 percent stake in Clearwire it does not currently own for $2.97 per share, equating to a total cash payment to Clearwire shareholders, other than Sprint, of $2.2 billion and an enterprise value for Clearwire of $10 billion. King & Spalding also advised Sprint in connection with voting and support agreements for the transaction that were obtained from Clearwire shareholders Comcast, Intel Capital and Bright House Networks.

The transaction is subject to customary closing conditions, including regulatory approvals and the approval of Clearwire's stockholders, including the approval of a majority of Clearwire stockholders not affiliated with Sprint or SoftBank. The closing of the transaction is also contingent on the consummation of Sprint's previously announced transaction with SoftBank. The Clearwire and SoftBank transactions are expected to close mid-2013.

For details about the transaction, click here: http://newsroom.sprint.com/article_display.cfm?article_id=2477.

The King & Spalding legal team involved in this transaction was led by corporate partner Michael J. Egan (Atlanta) and consisted of the following lawyers:

Corporate:
Adam M. Freiman (partner, New York)
Robert J. Leclerc (senior associate, New York)
Matthew S. McCoy (associate, Silicon Valley)
Nathan L. Mihalik (associate, Atlanta)
Monika Roth (associate, New York)
Carrie A. Ratliff (associate, Atlanta)
Gina von Sternberg (associate, Atlanta)

Employee Benefits:
Kenneth A. Raskin (partner, New York)
Emily Meyer (associate, New York)
Laura Westfall (associate, New York)

About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.