After years of their on-again, off-again relationship, Sprint’s attempt to fully acquire Clearwire has come to fruition. Sprint had originally offered $2.1 billion last week, a bid that has now been raised to $2.2 billion ($2.97 per share)—and accepted.

“The transaction consideration represents a 128 percent premium to Clearwire's closing share price the day before the Sprint-Softbank discussions were first confirmed in the marketplace on October 11, with Clearwire speculated to be a part of that transaction,” the companies wrote in a joint statement Monday morning. “And, a 40 percent premium to the closing price the day before receipt of Sprint's initial $2.60 per share non-binding indication of interest on November 21.”

As of this writing, though, Clearwire's stock is down over 12 percent today, perhaps an indication that even Sprint's new bid wasn't as high as investors had been hoping.

As we covered previously, Sprint, freshly infused with cash from Japanese mobile giant Softbank, is now poised to take on the big dogs of the American mobile landscape: AT&T and Verizon. (Don’t forget about T-Mobile and MetroPCS, now merged, lurking in the wings.)

“Clearwire's spectrum, when combined with Sprint's, will provide Sprint with an enhanced spectrum portfolio that will strengthen its position and increase competitiveness in the US wireless industry,” as the companies wrote in the same statement, adding that the network would soon be “migrated to LTE standards.”