Google has filed papers with the U.S. Securities and Exchange Commission signifying its intention to sell its stake in Clearwire, the firm building a 4G WiMAX network in the United States.
The news comes in the week after Clearwire posted fourth quarter losses, missed its sales forecast and indicated that it may require additional funding to continue its operations.
As The Verge notes, at a proposed $1.60 price per share, Google is looking to sell its 6.5% stake for around $47 million, around a tenth of the $500 million it bought into the company at back in 2008. It also undercuts the current $2.27 share price on the NASDAQ.
Google’s filing notes: “Google periodically rebalances its investments based on its goals and its evaluation of market conditions,” but the move comes as the company has been looking to consolidate its operations in a few core areas such as search, advertising and social.
Following its closure of a swathe of services that didn’t fit Larry Page’s vision of a focused Google, it is getting out of a struggling business it most certainly doesn’t need to be part of.
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