Clearwire, Sprint set $120 million breakup fee

People talk on their cell phones as passers-by walk past a Sprint store in New York(Reuters) – Sprint Corp promised to pay Clearwire Corp a $ 120 million breakup fee if its $ 2.2 billion purchase of roughly half of the smaller wireless service provider does not go ahead but it restricted Clearwire's ability to entertain other offers. Sprint, the majority owner of Clearwire, announced details of its purchase agreement in a regulatory filing on Tuesday, the day after it said it would buy out the rest of Clearwire for $ 2.97 per share. Clearwire shares were below the offer price at $ 2.88 in morning trade. …

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