Sprint Nextel Corp. today announced that it has received all regulatory approvals needed to complete the acquisition of iPCS, Inc. On Nov. 24 the Federal Communications Commission approved the transfer of the spectrum license held by a subsidiary of iPCS. On Nov. 23 the Public Service Commission of West Virginia granted the joint petition of Sprint Nextel and iPCS for prior consent and approval of the acquisition and ownership of iPCS by Sprint Nextel. No other state public service commission approval is required to satisfy the conditions to the tender offer. In addition, on Nov. 10 the Hart-Scott-Rodino waiting period applicable to the transaction expired.
All other terms and conditions of the previously announced tender offer for all outstanding shares of the common stock of iPCS, which is being conducted through a wholly-owned subsidiary of Sprint named Ireland Acquisition Corporation, remain unchanged. The iPCS board has unanimously recommended that the iPCS stockholders accept the tender offer, tender their shares of iPCS common stock in the tender offer, and if necessary, adopt the merger agreement. The tender offer is scheduled to expire at midnight EST today, Wednesday, Nov. 25.
Upon the successful closing of the tender offer, stockholders of iPCS will receive $24.00 in cash for each share of iPCS common stock tendered in the tender offer, without interest and less any required withholding taxes. Following the completion of the tender offer and merger, iPCS will become a wholly-owned subsidiary of Sprint Nextel.
Sprint Nextel anticipates that the acquisition will be completed in the fourth quarter of 2009.
Ericsson was today selected as successful bidder to acquire certain assets of the Carrier Networks division of Nortel relating to Nortel’s GSM business in the US and Canada. The purchase is structured as an asset sale at a cash purchase price of USD 70 million on a cash and debt free basis, subject to adjustments. This announcement follows the completion of the auction process initiated by Nortel, and the transaction is subject to approval by courts in the US and Canada and customary regulatory approvals and other conditions.
Ericsson’s bid for Nortel’s GSM assets was made together with Kapsch CarrierCom AG of Austria. Under the agreements, Ericsson is acquiring certain assets of Nortel’s GSM business in North America while Kapsch is paying USD 33 million to acquire most of the remaining assets outside North America.
Alcatel-Lucent today announced that it has been selected by Sichuan Telecom, a subsidiary of China Telecom, to upgrade its WAP Gateway to an integrated WAP and Web Gateway system in Sichuan Province in the southwest of China. This is China Telecom’s first commercial rollout of the WAP & Web Gateway. The contract was secured through Alcatel-Lucent Shanghai Bell, Alcatel-Lucent’s Chinese flagship company.
By deploying the WAP and Web Gateway solution, Sichuan Telecom will be able to build a compatible transportation hub of HTTP and WAP service to enable smooth mobile internet access without installing any terminal software for the mobile phone subscribers. Moreover, the WAP and Web Gateway will enable Sichuan Telecom to develop more diversified and personalized services, and in particular, the media-rich applications for its subscribers to enjoy the most exciting and satisfied Web-surfing experiences. Alcatel-Lucent deployed the WAP and Web Gateway as a complete and independent system in the operators’ network.
Reward cards, wireless, devices for a penny, the most popular smartphones, plus free Quick Messaging Devices on the nation’s fastest 3G network and more … it’s that time of year to make your list and check it twice! Beginning at 12:01 a.m. EST, Friday Nov. 27, AT&T will package together value, savings and giveaways into the perfect present as shoppers nationwide celebrate the start of the holiday season.
As part of its global efforts to align its research and development (R&D) operations to be in line with its focused portfolio of future products, Nokia will be reducing its R&D activities in Japan. As previously announced last week, Nokia plans to reduce some of its R&D activities in Finland and Denmark.
Today’s announcement will impact approximately 220 employees in Japan. The total number would represent slightly more than 1% of Nokia’s R&D personnel globally.