Sprint has formally offered $2.1 billion for the remaining 48.3 percent of Clearwire stake, according to Reuters. Pending acceptance and regulatory approval, Sprint will end up paying $2.90 per share for the deal, a slight premium over the closing price from yesterday. The transaction is expected to finalize only after Softbank’s purchase of a majority share of Sprint.

Sprint owns more than 50 percent of Clearwire and the bid for the rest values the total company at around $4.2 billion. Cash-strapped Clearwire, which also counts Sprint as its biggest customer, has long been seen by analysts as an acquisition target for Sprint.

Reuters