Sprint Nextel Corp. has agreed to acquire UbiquiTel Inc. for $1 billion, continuing a campaign of buying up regional affiliates that have sued over last year's merger between Sprint and Nextel.
Conshohocken, Pa.-based UbiquiTel provides wireless service under the Sprint brand name to 452,000 subscribers, including some in California.
Reston, Va.-based Sprint Nextel will acquire UbiquiTel's shares for $10.35 each in cash. The stock rose 14 cents to $10.33.
Shares of Sprint Nextel fell 30 cents to $25.35.