Leap and Pocket Complete JV Launch
Leap Wireless and Pocket Communications today announced that they have closed the formation of a previously announced joint venture in order to expand its coverage in southern Texas. Both companies provide pre-paid wireless services. The joint venture takes control of both Leap's and Pocket's wireless assets and operations in the south Texas region, from San Antonio to Laredo and in the Rio Grande Valley, covering more than 4.4 million points of presence (POPs). Leap will control 76% of the joint venture, and Pocket will control 24%. The companies believe the joint venture will lead to operational cost savings about 12 months after the joint venture launches. Leap has about 5.3 million customers of its Cricket branded services, and Pocket Communications has about 340,000.