OVERLAND PARK, Kan.-Sprint Corp. said it agreed to purchase $11 million in convertible debentures in Hybrid Networks Inc., a San Jose, Calif.-based company that designs, manufactures and sells broadband data communications systems, including wireless cable modems.
Sprint also agreed to purchase $10 million in equipment from the company to construct its fixed wireless data network.
“We know that Hybrid has outstanding technology,” said Tim Sutton, president of Sprint’s Broadband Wireless Group, which was formed to build out the fixed wireless licenses Sprint plans to acquire from People’s Choice TV, American Telecasting Inc., Videotron USA and WBS America. “In fact, Hybrid is the first company to make cable modems work in a wireless environment.”
Sutton said Sprint hopes to secure final approvals from the Federal Communications Commission for the acquisitions within the next 30 days, and it plans to begin buildout immediately.
