Last Friday Clearwire Corp. announced the completion of the merger with a unit of sprint that is building a new WiMax wireless data network. The aim of this merger is designed to create a high-speed data network that is faster than most current mobile data networks.

They aim to make this WiMax service available to 120 million to 140 million people. As of right now Clearwire has roughly 400,000 customers on a very similar network.  This company will absorb the Baltimore-area WiMax network that Sprint developed with Xohm.

Sprint will own 51 percent of the company while the investors in the original Clearwire will own about 22 percent.  The remaining 27 percent will go to investors including Comcast Corp., Intel Corp., Time Warner Cable Inc., Google Inc. and Bright House Networks, which have put in a total of $3.2 billion into this company.

[Via AssociatedPress]