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Sprint Nextel to buy iPCS affiliate for $831 million cash

Sprint Nextel will take on roughly $405 million in iPCS debt it has been said, and they believe that this is an ideal opportunity to provide shareholders with a liquidity event at an attractive price.

The acquisition is said to result in some annual savings of $30 million after the completion and will add some positive cash starting in 2010. Sprint Nextel have said that the deal is expected to close by late 2009 or early 22010.

As iPCS sells Sprint branded service, customers can be assured that they will not notice any blips in their service. IPCS has wireless licenses that cover some 15.1 million people across Michigan, Pennsylvania, Indiana, Iowa, Ohio, Tennessee and Illinois. Source – marketwatch.com