Sprint Nextel Completes Acquisition of iPCS, Inc.
Sprint Nextel Corporation announced today that it has successfully completed its acquisition of iPCS, Inc. Under the terms of the transaction, announced in October, Sprint Nextel acquired iPCS for approximately $831 million, including the assumption of $405 million of net debt. Sprint Nextel acquired all of iPCS’s outstanding common shares for $24.00 per share in an all-cash transaction.
As a result of the completion of the merger, iPCS is now a wholly-owned subsidiary of Sprint Nextel. iPCS shares will cease trading on NASDAQ as of the closing of the market today and will be delisted. The completion of this acquisition also allows Sprint Nextel and iPCS to resolve all the litigation pending between them.
More than 700,000 former iPCS wireless customers will now be counted as direct Sprint Nextel subscribers. As part of the acquisition, Sprint also expanded its direct service territory to cover an additional 12.6 million people. Since iPCS’s services were sold under the Sprint brand name and in Sprint-branded stores, iPCS customers should not experience any change in their service as a result of this transaction.
Filed Under: Sprint
About the Author: Faysal Chowdhury, a Civil Engineer at day and an intelligent tech blogger at night. Stationed in Dhaka, Bangladesh he is has been with HotCellularPhone.com since the beginning, dated back to 2008. After receiving his Bachelor’s Degree in 2006, he started working as a Civil Engineer for Bangladesh Water Development Board (BWDB) but his tech savvy mind always kept up with the mobile world and keeping everyone updated as well.
