Sprint Nextel (NYSE:S) will acquire full ownership of Clearwire (CLWR), a wireless network provider, for $2.97 per share, or $2.2 bil, giving it more radio spectrum. Sprint said it will use the added spectrum to build out a 4G network. The move also enables Sprint to better compete with Verizon Wireless, owned by market leader Verizon Communications (VZ), as well as AT&T (NYSE:T)and Vodafone (VOD) . Sprint already owned a bit more than half of Clearwire. Clearwire shares fell 13.7%. Sprint rose 1.26%. Verizon fell 0.2%.