Sprint Nextel, iPCS merger on track to close in the fourth quarter

By Lisa Kerner

Charlotte, N.C., Nov. 25 - Sprint Nextel Corp. said it has received all regulatory approvals needed for its proposed acquisition of iPCS, Inc.

Approvals were received from the Federal Communications Commission and the Public Service Commission of West Virginia, and the Hart-Scott-Rodino waiting period expired on Nov. 10, according to a Sprint Nextel news release.

No other state public service commission approval is required to satisfy the conditions of Sprint Nextel's tender offer.

Sprint Nextel's $24-per-share tender offer for iPCS' shares was scheduled to end at midnight ET on Wednesday, and the transaction is expected to close in the fourth quarter of 2010.

On Oct. 19, Sprint Nextel announced it will acquire iPCS in a deal valued at approximately $831 million, including the assumption of $405 million of net debt.

Based in Schaumburg, Ill., iPCS owns and operates Sprint Nextel's nationwide PCS network.

Sprint Nextel is an Overland Park, Kan.-based provider of wireless and wireline communications services.

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