Sprint clears iPCS acquisition

By SiliconIndia   |   Monday, 30 November 2009, 06:52 Hrs   |    3 Comments
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Washington: Sprint Nextel has completed its tender offer for all outstanding shares of iPCS, the final step in its $426 million acquisition of the company. It expects the deal to close Dec. 7.

IPCS sells the Sprint-branded wireless service in Midwestern states. Sprint is paying $24 per share of iPCS, a 34 percent premium over its closing price Oct. 16, just before Sprint announced plans to acquire the company.

Sprint will get a stay of all pending litigation between the two companies, and drops its plans to divest its iDEN network in iPCS territories. Legal fights between the two companies began after Sprint's acquisition of Reston-based Nextel Communications in 2005.

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