Sprint Nextel buys iPCS for $831 million, assumes $405 million debt

By Lisa Kerner

Charlotte, N.C., Dec. 4 - Sprint Nextel Corp. announced on Friday it has acquired iPCS, Inc.

The $831 million acquisition includes the assumption of $405 million of net debt.

As previously reported, Sprint Nextel completed its $24-per-share tender offer for all outstanding shares of iPCS on Nov. 25.

iPCS is now a wholly owned subsidiary of Sprint Nextel, and its shares ceased trading on Nasdaq.

Sprint Nextel said with the acquisition complete, pending litigation between the two companies can be resolved.

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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