TMCnet News
Citigroup advises Sprint Nextel in iPCS acquisition(EquityBites Via Acquire Media NewsEdge) 27 November 2009 - Citigroup Global Markets has served as financial advisor of US wireless network operator Sprint Nextel (NYSE:S) in its USD831m (EUR555m) purchase of sector firm iPCS (NASDAQ:IPCS), the tender offer for which was closed on Friday. iPCS's financial advisors in the deal were UBS Investment Bank and Morgan Stanley & Co (NYSE:MS). In October Sprint Nextel announced it has agreed to buy iPCS including the assumption of net debt of USD405m. Since 25 November, as many as 10.399 million iPCS shares, or 62.8% of the company's stock, have been validly tendered. Besides, Sprint has also exercised an option to hike its ownership in iPCS by acquiring newly-issued iPCS shares at USD24 per share which is expected to be completed on 4 December. Following the completion of the deal, iPCS will become a wholly-owned unit of Sprint Nextel and will be delisted from the NASDAQ. ((Comments on this story may be sent to [email protected])) (c) 2009 M2 COMMUNICATIONS |