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Sprint to buy UbiquiTel

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Looks like Sprint is eating up another telecoms company.

Shareholders of UbiquiTel Inc. on Tuesday approved the wireless provider’s sale to Sprint Nextel Corp. for $1 billion, the company said.

In addition, Sprint will assume $300 million in debt and pay $10.35 for each of the company’s outstanding shares. The deal, the company said, is expected to close “promptly.”

As the mobile industry is becoming more and more competitive, scenarios such as buyouts and mergers are most likely to happen. This would consolidate jobs and get better economies of scale.

Shares of UbiquiTel gained 11 cents while Sprint Nextel gained 6 cents. It seems that stockholders on both companies are happy with the decision.

[via msn ]


Posted in News, Sprint, Telco on June 27th, 2006

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