August 02, 2007
Sprint Nextel Concludes Acquisition of Affiliate Northern PCS
RESTON, Va.--(BUSINESS WIRE)--Aug. 2, 2007--Sprint Nextel Corp. (NYSE:S) announced today that it has completed its acquisition of Northern PCS Services, LLC, a former affiliate, for $312.5 million, including the assumption of debt.
With the closing of this acquisition, announced in June, the existing litigation between Sprint Nextel and Northern PCS is terminated.
Northern PCS, based in Waite Park, Minnesota, provided Sprint PCS services in certain small to mid-size markets in Minnesota, North Dakota, Wisconsin and Iowa. As a result of the acquisition, Sprint Nextel obtains more than 167,000 direct wireless subscribers and more than 69,000 reseller subscribers in a coverage area of more than 1.8 million people. Northern PCS, employed about 240 people, who will now become employees of Sprint Nextel, and had revenues for the twelve months ended December 31, 2006 of $130 million.
About Sprint Nextel
Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two robust wireless networks serving more than 53.6 million customers at the end of the first quarter 2007; industry-leading mobile data services; instant national and international walkie-talkie capabilities; and a global Tier 1 Internet backbone. For more information, visit www.sprint.com.
CONTACT: Sprint Nextel Corp.
James Fisher, 703-433-8677
Kurt Fawkes, 800-259-3755
SOURCE: Sprint Nextel Corp.