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Cricket Snaps Up More Spectrum with Denali Purchase

Leap Wireless today announced that it has agreed to purchase the remaining shares of Denali Spectrum LLC, which operates in the greater Chicago and southern Wisconsin markets. Leap already owned 82.5% of Denali, an will acquire the remaining 17.5%. In order to make the deal work, Denali has agreed to divest its non-operating wireless licenses and spectrum to Savary Island Wireless and gain an 85% non-controlling interest in the company. Ring Island Wireless will add cash to the venture, giving it a 15% non-controlling interest. Leap will be able to close on its acquisition of Denali's spectrum assets once the deal between Denali, Ring and Savary is completed. The proposed deal still needs to meet with regulatory approval. Terms were not disclosed.

Source: Phonescoop

Added: 09/23/2010