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Sprint Nextel buys out Northern PCS LLC
Posted: 14-Jun-2007 [Source: Sprint Nextel]

[Sprint Nextel announces the buy out of Northern PCS LLC for $312.5 million in efforts to resolve a breach of contract dispute.]

Number-three U.S. wireless provider Sprint Nextel announced Wednesday it is buying affiliate Northern PCS LLC for $312.5 million, thereby resolving a contract dispute. Sprint will pay $307.2 million and assume $5.3 million in debt. The deal is expected to close in Q3. Northern PCS, which serves over 236,000 Sprint subscribers in Minnesota, North Dakota, Wisconsin and Iowa, had sued Sprint for breach of contract, alleging that Sprint's $35 billion merger with Nextel in 2005 violated an agreement between the companies on territorial exclusivity. Sprint has been faced with similar accusations from other regional telcos that sell Sprint-Nextel wireless service. To resolve this problem, which has hampered the integration of Nextel's operations following the merger, Sprint has made a flurry of affiliate acquisitions. Last summer, for example, the company bought UbiquiTel Inc. for $1 billion. Sprint has three remaining affiliates: iPCS Inc., Shenandoah Telecommunications and Swiftel Communications. Sprint's shares closed up 2.6% at $22.16.

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