Sprint Nextel Corp. (S) announced the completion of its acquisition of iPCS, Inc. (IPCS), for about $831 million, including the assumption of $405 million of net debt. Sprint Nextel acquired all of iPCS's outstanding common shares for $24.00 per share in an all-cash transaction.
Pursuant to the closing of the merger, iPCS has become a wholly-owned subsidiary of Sprint Nextel. iPCS shares will cease trading on Nasdaq as of the closing of the market today and will be delisted. The completion of this acquisition also allows Sprint Nextel and iPCS to resolve all the litigation pending between them.
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