Puerto Rico’s Sprint acquires iPCS Inc for $426 million

www.WirelessFederation.com/news: Puerto Rico based Sprint Nextel Corp. acquired wireless affiliate iPCS Inc for $426 million. The deal will lead to the addition of 700,000 customers as Sprint subscribers.

iPCS’s shareholders will get $24 per share in cash and Sprint will also take on $405 million in debt.

Before the deal, Schaumburg based iPCS had the right to sell wireless service in 81 markets in Illinois, Pennsylvania, Michigan, Iowa, Indiana, Ohio and Tennessee under the brand name of Sprint but now it will function as the wholly owned subsidiary of Sprint.