Regional wireless provider MetroPCS Communications Inc. (PCS) said it has closed on its acquisition of the remaining 15% and controlling “limited liability” interest in Royal Street Communications L.L.C.
As a result of the acquisition, Royal has been renamed MetroPCS Networks L.L.C. and is now a wholly-owned indirect subsidiary of MetroPCS. Financial terms of the deal were not released.
MetroPCS announced the acquisition plans in April after C9 Wireless L.L.C. exercised its put option that required MetroPCS to acquire its interest in Royal Street. MetroPCS noted last year that Royal Street could borrow up to $1.6 billion from the carrier to fund its operations.
MetroPCS had partnered with Royal Street to participate as a designated entity in past spectrum auctions. In early 2005, Royal Street spent $293.6 million for six 1.9 GHz spectrum licenses in the Federal Communications Commission’s Auction 58. Those licenses covered parts of Florida and Los Angeles.
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