Sprint to buy US Unwired for $1.3 billion
A Reuters newswire report, via The Washington Post:
Sprint Corp. said on Monday it has agreed to buy wireless affiliate US Unwired Inc. for about $1.3 billion, ending a series of legal disputes between the two companies.
Sprint, which also has a pending deal to buy Nextel Communications Inc., said it would buy all of US Unwired's outstanding common stock for $6.25 per share, and assume US Unwired's net debt, which stood at $233 million as of March 31. Shares of US Unwired, which sells cellular phone services using the Sprint brand, closed at $6.16 on Friday.
As part of the deal, US Unwired will halt its legal actions against Sprint, including a request for an injunction to stop the Sprint-Nextel deal.
The agreement follows a legal battle between the companies that culminated with a two-week court hearing that ended earlier this month. US Unwired in a lawsuit had accused Sprint of pressuring it into handing off its billing to Sprint.
posted by Fergie @ 7/11/2005 07:23:00 AM
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