Intel Corporation (INTC), owner of 32.8%, or 102.4 million shares, of Clearwire‘s (CLWR) outstanding shares, announced Wednesday in a Security and Exchange Commission filing that it would sell up to 10 million shares of Class A of Clearwire stock in public open market transactions. The sales will be made beginning on or about May 13, 2011.
Intel said that the sale “rebalances its equity portfolio based on [the co.’s] goals” and allows it “to realize certain tax benefits.” The sale, Intel added, “does not affect any contractual obligations or business arrangements between Intel and Clearwire.”
The decision, which will reduce Intel’s stake in CLWR by about 10%, sent Clearwire’s stock down 13 percent to $4.12 at 2:38 pm ET on Thursday. CLWR shares have traded between $4.05 and $8.82 over the last 52 weeks. INTC is up 1.60% to $23.78.