by CIO Staff

Sprint Nextel to Acquire UbiquiTel

Apr 20, 20061 min
Mergers and Acquisitions

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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