Sprint Nextel Corp. agreed Thursday to buy its Conshohocken, Pa., affiliate UbiquiTel Inc. for about $1.3 billion to add 8.3 million people to its subscriber base.
Reston, Va.-based Sprint Nextel, the third-largest wireless operator in the U.S., said in a statement it would pay $10.35 in cash for each UbiquiTel share and assume about $300 million in debt.
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