Sprint Gets All Regulatory Approvals for iPCS Deal
The day after completing its takeover of Virgin Mobile USA, Sprint Nextel Corp. (S) has secured all of the regulatory approvals needed to wrap the acquisition of its affiliate, iPCS Inc., as well.
The FCC yesterday approved a spectrum transfer and, on Monday, West Virginia’s public service commission gave the Sprint-iPCS deal the thumbs-up as well. That’s the only state body needed to meet the conditions of the two companies’ merger.
The iPCS board has unanimously recommended that its stockholders accept Sprint’s tender offer, which expires at midnight tonight. After that, iPCS stockholders will get $24 cash for each share they own.
Sprint expects to complete the transaction soon. The nation’s third-largest wireless carrier snapped up iPCS after the affiliate cried foul over the Sprint-Virgin Mobile deal. iPCS sued Sprint for unfair competition. Several other Sprint affiliates have sued the company in the past and been taken over by the service provider as a way to silence outrage and save legal costs.
