Sprint Nextel Agrees to Acquire Two Affiliates
Sprint Nextel Corp. agreed to buy two affiliates for $714.5 million, ending some of the legal fights that sprang from the Sprint-Nextel merger.
The company plans to acquire Gulf Coast Wireless for $287.5 million, including an unspecified amount of debt, and IWO Holdings Inc. for $427 million, including $208 million of net debt.
The purchases will add more than 332,000 customers and help Chief Executive Gary Forsee’s effort to resolve disputes with the Reston, Va.-based company’s affiliates.
Shares of Sprint Nextel fell 33 cents to $25.25. IWO shares rose $6.25 to $42.
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