Sprint Nextel gets regulatory nod to take over iPCS
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[November 26, 2009]

Sprint Nextel gets regulatory nod to take over iPCS

(M&A Navigator Via Acquire Media NewsEdge) US wireless network operator Sprint Nextel (NYSE:S) said Wednesday it has obtained regulatory clearance to complete its acquisition of sector player iPCS (NASDAQ:IPCS).

At the end of October, Sprint Nextel launched a tender offer through its wholly-owned subsidiary, Ireland Acquisition Corporation, to buy out iPCS for USD24 (EUR16) per share in cash until 25 November.

Following the close of the tender offer, iPCS will become a wholly-owned subsidiary of Sprint Nextel. The transaction is expected to be finalised in the fourth quarter. The board of iPCS has recommended its stockholders to accept the offer.



Citigroup Global Markets is acting as Sprint Nextel's financial advisor, while its legal advisor is King & Spalding LLP. UBS Investment Bank and Morgan Stanley & Co (NYSE:MS) are serving as financial advisors to iPCS and Mayer Brown LLP acts as legal advisor.

Country: USA Sector: Tlecommunications Target: iPCS Inc Buyer: Sprint Nextel Corp Type: Corporate acquisition Status: Bidding Buyer advisor: Citigroup Global Markets; King & Spalding LLP Vendor advisor: UBS Investment Bank; Morgan Stanley & Co; Mayer Brown LLP Comment: Receives regulatory approvals ((Comments on this story may be sent to tww.feedback@m2.com)) (c) 2009 M2 COMMUNICATIONS

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