SAN FRANCISCO (Reuters) - Intel Corp said on Wednesday it plans to sell up to 10 million shares of wireless service provider Clearwire Corp to book certain tax benefits.
The sale of the shares would not impact any contracts between Intel and Clearwire, the company said in a Securities and Exchange Commission filing.
Intel owns 102,404,811 Clearwire shares, or 32.8 percent of the outstanding shares.
Clearwire’s Class A common stock will be sold through Intel’s venture arm Intel Capital in public open market, beginning on or about Friday,.
Clearwire, the first U.S. operator to offer services using the latest in high speed wireless technology, needs new funding as it continues to burn through cash because of the cost of building a new network. It is majority owned by Sprint Nextel Corp.
Reporting by Poornima Gupta; Editing by Tim Dobbyn