Sprint Nextel Stays Litigation By Acquiring Affiliate

Law360, New York (April 21, 2006, 12:00 AM EDT) -- In a continuation of Sprint Nextel Corp.’s efforts to buy up its regional affiliates that have sued over its merger with Nextel, the wireless carrier decided to buy regional affiliate UbiquiTel Inc. for $1.3 billion Thursday.

Sprint, the third-largest U.S. carrier by subscribers, said it would purchase UbiquiTel and assume the company’s $300 million in debt. Sprint’s purchase of the affiliate will resolve the litigation between the two companies.

The companies will put an immediate stay on UbiquiTel suit against Sprint for $35 billion pending in...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.