July 01, 2006
Sprint Nextel Completes Acquisition of Wireless Affiliate UbiquiTel Inc.
- Approximately 452,000 PCS Wireless Users to Become Direct Subscribers of Sprint Nextel
- Extends Company's Direct Service Territory to an Additional 8.3 Million People in 9 States
RESTON, Va. — 07/01/2006
Sprint Nextel Corp. (NYSE:S) announced today that it has successfully completed its acquisition of UbiquiTel Inc. Under the terms of the agreement, announced in April, Sprint Nextel acquired UbiquiTel in an all-cash transaction for approximately $1.3 billion, including the assumption of approximately $300 million of net debt.
The closing of the UbiquiTel acquisition brings final resolution to the litigation pending between Sprint Nextel and UbiquiTel Inc. in the Delaware Court of Chancery.
UbiquiTel, based in Conshohocken, Pa., provides Sprint PCS services in mid-size markets in California, Idaho, Indiana, Kentucky, Nevada, Tennessee, Utah, Washington and Wyoming, covering 8.3 million people. As of March 31, 2006, the company served approximately 452,000 direct wireless subscribers and 151,000 wholesale subscribers. UbiquiTel employs about 425 people and had revenues for the 12 months ended Dec. 31, 2005 of $422.7 million.
About Sprint Nextel
Sprint Nextel offers a comprehensive range of communications services bringing mobility to consumer, business and government customers. Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two robust wireless networks offering industry leading mobile data services; instant national and international walkie-talkie capabilities; and an award-winning and global Tier 1 Internet backbone. For more information, visit www.sprint.com.