News / Business
Sprint Nextel Corp. has agreed to buy some wireless spectrum assets of Bell Industries Inc. for about $13.5 million in cash.
In a release Thursday June 21, 2007, Bell Industries said the assets represent stock ownership interests in entities that hold Federal Communications Commission licenses to operate wireless communications in certain bandwidths. Bell Industries originally bought the licenses as part of its purchase of SkyTel Corp.
Chat real-time with other investors about this Sprint Nextel news release, by clicking this link: http://www.stockwire.com/S
Sprint Nextel Corp. has agreed to buy some wireless spectrum assets of Bell Industries Inc. for about $13.5 million in cash.
In a release Thursday June 21, 2007, Bell Industries said the assets represent stock ownership interests in entities that hold Federal Communications Commission licenses to operate wireless communications in certain bandwidths. Bell Industries originally bought the licenses as part of its purchase of SkyTel Corp.
Sprint Nextel spokeswoman Leigh Horner said the company isn't disclosing details about the purchase.
The agreement with Sprint Nextel is subject to FCC approval and transfer of the licenses. It is expected to close in 45 to 90 days.
Sprint Nextel initially will pay Bell Industries $12.5 million at the transaction's close and the remainder 18 months later.
Bell Industries CEO John Fellows said in the release that the assets weren't integral to the company's operations and that the company had expected the assets to generate revenue of less than $15,000 in 2007.
"We're operating a wireless paging network, so we don't need these assets," Bell Industries CFO Kevin Thimjon said in an interview.
Bell Industries is based in Indianapolis. Sprint Nextel has corporate headquarters in Reston, Va., and operational headquarters in Overland Park.
As the saying goes...follow the money!
To see the complete Movers & Shakers Blog go to: http://www.stockwire.com .
About Stockwire:
Stockwire is a company that is pioneering a new way to research companies before you invest them. It's called a Stockumentary. A Stockumentary is a documentary on a publicly traded company. Imagine a Dateline NBC segment, but on a publicly traded company. We are the first company to ever bring this type of quality research to investors in this format.
