Sprint to buy LA affiliate for $1 billion

[proud2BlibKansan]

By DAVID TWIDDY, AP Business Writer
47 minutes ago

KANSAS CITY, Mo. - Sprint Corp. said Monday it is buying affiliate U.S. Unwired Inc. for about $1 billion, presumably ending that company's attempt to block Sprint's planned merger with Nextel Communications Inc.
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The acquisition, coming only days before shareholders of Sprint and Nextel vote on their companies' $35 billion combination, would settle what has been a difficult relationship between Sprint and one of its largest regional affiliates.

As part of the agreement, the two sides will ask the U.S. District Court in Lake Charles, La., to stay all pending litigation between the two companies, including U.S. Unwired's request for an injunction on the Sprint-Nextel merger. The litigation would be resolved once the deal is closed, which Sprint said should be in the third quarter, pending regulatory and shareholder approval.

Overland Park-based Sprint said it has agreed to buy all outstanding shares of Lake Charles, La.-based U.S. Unwired for $6.25 each. As part of the deal, Sprint would also assume $266 million of U.S. Unwired's debt.

more . . .
http://news.yahoo.com/s/ap/20050711/ap_on_bi_ge/sprint_u_s__unwired

[stepnw1f]

1. Jesus... No More Monopolies! (nt)

[proud2BlibKansan]

2. Sprint and Nextel are merging

this company in LA is a subsidiary of Sprint and they were fighting the merger. But no more.

I am skeptical. I live in Sprint's hometown and they lay off people as often as some of us eat dinner. They also built a golden palace headquarters here. It is unbelievably gold plated. And less populated with employees day by day by day . . .