Sprint Corp. said Monday that it agreed to buy U.S. Unwired Inc., a Louisiana-based Sprint affiliate, for about $1.3 billion in cash.
The companies said they will also seek an immediate stay of litigation pending in U.S. District Court, including U.S. Unwired’s request for an injunction seeking to block Sprint’s planned merger with Nextel Communications Inc.
Under the deal, Sprint will launch a tender offer to buy all of U.S. Unwired’s outstanding common stock at $6.25 per share, a slight 1.5 percent premium to U.S. Unwired’s closing price of $6.16 on Friday.
