360 Communications Co

360 Communications Co. to Buy ICN Cellular: The Chicago-based firm said it agreed to buy Independent Cellular Network's cellular operations in four states for about $517 million in stock and debt. The former cellular unit of Sprint Corp. said it signed a letter of intent to acquire Chicago-based ICN's interests in 20 markets, representing 3.2 million potential customers in Pennsylvania, Ohio, Kentucky and West Virginia.

Alltel Corp. said Monday that it agreed to buy wireless service provider 360 Communications Co. for about $4.2 billion in stock, a move to create a regional niche player focused on mid-size markets. The combined company, with about $4.5 billion in annual sales and 20,000 employees, would be a force in the Southeast and Midwest and a leader in the smaller markets often overlooked by larger telecommunications companies, analysts said.

Alltel Corp. is in talks to buy 360 Communications Co. for more than $40 a share in stock, or about $4.87 billion, to expand its wireless phone business in the Southeast, sources familiar with the negotiations said. The companies expect to unveil an agreement Monday, the sources said. Both companies declined to comment. With 360, Alltel would more than triple its wireless subscribers to about 3.6 million, making it a stronger competitor in BellSouth Corp.'s fast-growing Southern region.

Alltel Corp. is in talks to buy 360 Communications Co. for more than $40 a share in stock, or about $4.87 billion, to expand its wireless phone business in the Southeast, sources familiar with the negotiations said. The companies expect to unveil an agreement Monday, the sources said. Both companies declined to comment. With 360, Alltel would more than triple its wireless subscribers to about 3.6 million, making it a stronger competitor in BellSouth Corp.'s fast-growing Southern region.

Alltel Corp. said Monday that it agreed to buy wireless service provider 360 Communications Co. for about $4.2 billion in stock, a move to create a regional niche player focused on mid-size markets. The combined company, with about $4.5 billion in annual sales and 20,000 employees, would be a force in the Southeast and Midwest and a leader in the smaller markets often overlooked by larger telecommunications companies, analysts said.

360 Communications Co. to Buy ICN Cellular: The Chicago-based firm said it agreed to buy Independent Cellular Network's cellular operations in four states for about $517 million in stock and debt. The former cellular unit of Sprint Corp. said it signed a letter of intent to acquire Chicago-based ICN's interests in 20 markets, representing 3.2 million potential customers in Pennsylvania, Ohio, Kentucky and West Virginia.