Clearwire Corp. has completed its merger with the unit of Sprint Nextel Corp. that is building a new wireless data network, the companies said Friday.

The company formed by the merger keeps the Clearwire name. It aims to create a network that uses WiMax, a new wireless technology that promises faster data speeds than most current cellular broadband networks, and make it available to 120 million to 140 million people.

Clearwire already has about 400,000 customers on a network that uses similar technology. The new company will absorb Sprint's existing Baltimore-area WiMax network, which the company developed under the Xohm brand, in addition to Sprint spectrum covering much of the country.

Sprint, based in Overland Park, Kan., will own 51 percent of the company while investors in the original Clearwire, founded by cellular pioneer Craig McCaw, will own about 22 percent.

The remainder of the company will be owned by investors including Comcast Corp., Intel Corp., Time Warner Cable Inc., Google Inc. and Bright House Networks, which have put in a total of $3.2 billion in cash.

The deal was announced in May.

Clearwire's headquarters will remain in Kirkland.

Clearwire shares rose 60 cents, or 10 percent, to $6.62, while Sprint's stock jumped 29 cents, or 12 percent, to $2.79.