Sprint Nextel / UbiquiTel

Sprint Nextel Corp. announced today that it has successfully completed its acquisition of UbiquiTel Inc. Under the terms of the agreement, announced in April, Sprint Nextel acquired UbiquiTel in an all-cash transaction for approximately $1.3 billion, including the assumption of approximately $300 million of net debt.

The closing of the UbiquiTel acquisition brings final resolution to the litigation pending between Sprint Nextel and UbiquiTel Inc. in the Delaware Court of Chancery.

UbiquiTel, based in Conshohocken, Pa., provides Sprint PCS services in mid-size markets in California, Idaho, Indiana, Kentucky, Nevada, Tennessee, Utah, Washington and Wyoming, covering 8.3 million people. As of March 31, 2006, the company served approximately 452,000 direct wireless subscribers and 151,000 wholesale subscribers. UbiquiTel employs about 425 people and had revenues for the 12 months ended Dec. 31, 2005 of $422.7 million.