Sprint Nextel has agreed to buy its wireless services affiliate UbiquiTel for roughly $1.3 billion, which includes an assumption of $300 million in debt, The Wall Street Journal reports.
The deal is expected to close sometime during the second quarter, according to The Journal.
UbiquiTel shares are valued $10.35 apiece within the deal, and they closed at $10.19 on Wednesday, The Journal reports. Sprint’s stocks closed at $25.65 after dropping 2 percent, according to The Journal.
For related news coverage, read Sprint Launches GPS-Based Child-Locator Service.
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