COX SELLS PCS PARTNERSHIP STAKE TO SPRINT
April 26 1999 - 6:00 am ET | Other News Source | 8
ATLANTA-Cox Communications Inc. said it is selling its ownership stake in Cox Communications PCS L.P. to Sprint Corp. The deal is expected to close in the second quarter, at which time Sprint will own 100 percent of the operation that will provide service in the Los Angeles, San Diego and Las Vegas areas.
Cox exercised an option to require Sprint to purchase its remaining 40.8-percent stake in the operation in return for 24.3 million shares of Sprint PCS' common stock, Series 2. Cox owns 49.3 million Series 2 shares in addition to warrants and convertible preference shares.
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