The search giant, Google has filed documents with the US Securities and Exchange Commission today in preparation for selling its complete stake in the Clearwire Corporation, the firm building a 4G WiMAX network in the US – the news comes just a week after Clearwire posted its quarter fourth losses, indicating it may require additional funding to survive and sustain itself in the market.
Back in 2008, Google spend $500 million to acquire a 6.5 percent share in the troubled company, now, in order to cut its losses, Google is taking such a move and is selling up approximately $47 million. At a proposed $1.60 price per share, Google is looking to sell its 6.5% stake for around $47 million, around a tenth of the $500 million it bought into the company at back in 2008. It also undercuts the current $2.27 share price on the NASDAQ, The Verge notes.
Google’s filing notes:
“Google periodically rebalances its investments based on its goals and its evaluation of market conditions,” but the move comes as the company has been looking to consolidate its operations in a few core areas such as search, advertising and social.
