Sprint to take remaining stake in Clearwire

NEW YORK Sprint Nextel is offering to buy the 49 percent of Clearwire that it doesn't already own for $2.1 billion.

Sprint Nextel Corp. said Thursday in a regulatory filing that its board reviewed a deal the day before that spells out specifics of the proposed transaction. The deal works out to $2.90 per share. Clearwire Corp. stock is up 27 cents, or 10 percent, to $3.02 in premarket trading.

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Sprint uses Clearwire's network to provide "Sprint 4G," but it's building its own 4G network at the same time, and would like to see Clearwire upgrade its network to use a compatible technology. Clearwire is strapped financially, and lacks the funds for a comprehensive upgrade.

The deal was reported earlier this week by CNBC and The Wall Street Journal, citing unnamed sources.