October 4, 2005

Sprint Nextel said it has completed its $287.5 million acquisition of network affiliate Gulf Coast Wireless Ltd. Partnership that was originally announced in September.

Sprint Nextel noted that the closing resolves litigation Gulf Coast filed against Sprint Nextel in connection with Sprint Corp.'s acquisition of Nextel Communications Inc.

Sprint Nextel announced plans to acquire Gulf Coast along with fellow affiliate IWO Holdings Inc. last month.

The deals will add more than 330,000 direct customers to Sprint Nextel's customer base.

Sprint Nextel reported last month that it received antitrust clearance from the Federal Trade Commission for its pending $427 million acquisition of network affiliate IWO Holdings Inc.

The deal is still subject to approval by IWO's shareholders, but Sprint Nextel said it expects the transaction to close during the fourth quarter.

In addition to its deals with IWO and Gulf Coast, Sprint Nextel has acquired affiliate US Unwired Inc. and is in the process of determining the value of a possible acquisition of Nextel Partners Inc.

Source: RCR News