The powerful Sprint wireless network is planning to gobble up another minor carrier. The major US wireless service provider is in the process of assimilating Virgin Mobile and just announced plans to buy its affiliate, iPCS.iPCS wireless is a company that has acquired exclusive right to sell wireless mobility communications network products and services under the Sprint brand in 81 markets including markets in Illinois, Michigan, Pennsylvania, Indiana, Iowa, Ohio and Tennessee. This regional wireless network serves an estimated 710,200 subscribers.
Sprint and iPCS has been a fixture of the wireless network news lately as the regional network has sued the larger network over a number of reasons, including breach of contract. However, as part of the merge all of the litigation concerning both companies will cease.
The Sprint acquisition of iPCS is ertimated to involve $831 million. The deal also involves assumption of $405 million of net debt. The deal is expected to be completed by late 2009 or early 2010.
