Sprint Nextel Continues Affiliate Cleanup
Oct 21, 2005, 12:58 PM by (staff)
Sprint Nextel today announced they have completed the purchase of affiliate IWO Holdings for $427 million. Sprint already purchased IWO's former parent company US Unwired and had announced their intention to purchase IWO at the end of August along with Gulf Coast. Sprint Nextel has separately been waging a battle in the courts with Nextel Partners. Sprint has filed two cases in the past two weeks requesting access to Nextel Partners financial records in order to set a fair purchase price. Nextel Partners is attempting to withhold that information for the maximum time alotted by a previous court decision.
Sprint Settles Lawsuit Over Nextel Merger for $131 Million
Sprint today settled a class-action lawsuit regarding its 2005 acquisition of Nextel for $131 million. Investors claim Sprint executives defrauded shareholders by inflating stock and bond prices after Sprint closed its acquisition of Nextel.
AT&T Finalizes Nextel Mexico Acquisition
AT&T today said it has completed its acquisition of Nextel Mexico. Nextel Mexico covers 76 million customers across the country.
AT&T Rebranding Mexico's Iusacell and Nextel to AT&T
AT&T has begun rebranding its Iusacell and Nextel properties in Mexico under the AT&T name. Moving forward, people who visit Iusacell and Nextel stores will be buying AT&T Unidos service plans (Unidos con Todo and Unidos a tu Manera, respectively).
SoftBank Invests Another $73 Million in Sprint
SoftBank has purchased yet more shares of Sprint stock, boosting its stake in the company to just over 80%. SoftBank shelled out $73 million for about 16.8 million shares.
Sprint to Face $300M Tax Fraud Charge In Court
Sprint lost its bid to have a $300 million lawsuit dismissed and will now face the State of New York in court. The office of New York Attorney General Eric Schneiderman alleges that Sprint failed to collect about $100 million in taxes from its New York-based customers over a period of seven years.