Sprint closes $426M deal for iPCS
OVERLAND PARK, Kan. (AP) – Sprint Nextel Corp. said Friday it has closed its $426 million acquisition of wireless affiliate iPCS Inc.
The company said the deal means about 700,000 additional customers will be counted as Sprint subscribers.
Sprint offered iPCS' shareholders $24 per share in cash for the company. It will also take on $405 million in debt.
Prior to the deal, iPCS, which is based in Schaumburg, Ill., had the exclusive right to sell wireless service under the Sprint brand in 81 markets in Illinois, Michigan, Pennsylvania, Indiana, Iowa, Ohio and Tennessee. It will now operate as a wholly owned subsidiary of Sprint.
Last month, Sprint completed its $483 million acquisition of Virgin Mobile USA, boosting its presence in the market for customers who pay for cell phone service month-to-month.