Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Mergers & acquisitions

December 17, 2012: 10:56 AM ET

Sprint Nextel Corp. (NYSE: S) has agreed to acquire the 48% stake of Clearwire Corp. (Nasdaq: CLWR) that it doesn't already own, for $2.2 billion. The $2.97 per share deal represents an increase from the $2.90 per share that Sprint had originally offered last week, and a 128% premium over where Clearwire shares were trading before talk of a deal began spreading in early October.  www.clearwire.com

American International Group (NYSE: AIG) said that it will begin to sell off its entire 13.7% stake in Asian insurer A.I.A. Group, which currently is valued at around $6.7 billion. www.aig.com

Cisco Systems
 (NasdaQ: CSCO) has hired Barclays to find a buyer for home wireless router makerLinksys, according to Bloomberg. Cisco paid $500 million to acquire Linksys in 2003, but is expected to seek "much less" this time around. www.cisco.com

First Quantum Minerals Ltd. (TSX: FM) has offered to acquire Inmet Mining Corp. (TSX: IMN) for C$5.1 billion in cash and stock, or C$72 per Inmet share. www.first-quantum.com

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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