Sprint Nextel receives all regulatory approvals for iPCS acquisition

Sprint Nextel, a provider of wireless and wireline communications services, has received all regulatory approvals needed to complete the acquisition of iPCS.

Sprint Nextel has said that the Federal Communications Commission approved the transfer of the spectrum license held by a subsidiary of iPCS. The Public Service Commission of West Virginia granted the joint petition of Sprint Nextel and iPCS for prior consent and approval of the acquisition and ownership of iPCS by Sprint Nextel. No other state public service commission approval is required to satisfy the conditions to the tender offer.

All other terms and conditions of the previously announced tender offer for all outstanding shares of the common stock of iPCS, which is being conducted through a wholly-owned subsidiary of Sprint named Ireland Acquisition, remain unchanged, Sprint Nextel added.

Sprint Nextel has added that the iPCS board has unanimously recommended that the iPCS stockholders accept the tender offer, tender their shares of iPCS common stock in the tender offer, and if necessary, adopt the merger agreement.

Upon the closing of the tender offer, stockholders of iPCS will receive $24 in cash for each share of iPCS common stock tendered in the tender offer, without interest and less any required withholding taxes. Following the completion of the tender offer and merger, iPCS will become a wholly-owned subsidiary of Sprint Nextel. Sprint Nextel anticipates that the acquisition will be completed in the fourth quarter of 2009.

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Related terms: acquisition, communications, ireland, merger, taxes, west virginia, wireless, wireline