Sprint (NYSE:S) and PR Wireless, doing business as Open Mobile, have agreed to combine their businesses in Puerto Rico, together with Sprint´s business in the US Virgin Islands, into a new joint venture, the companies said.
The joint venture between two of the key players in the Puerto Rico wireless market will create a stronger competitor offering postpaid, prepaid, Lifeline and business services with increased scale, expanded distribution, improved network capacity, faster speed, and a deeper spectrum position.
Sprint and Open Mobile will have a 68% and a 32% economic interest, and a 55% and 45% voting interest in the joint venture, respectively.
Evercore served as financial advisor to Open Mobile on the transaction.
The transaction close is subject to review and approval by the Federal Communications Commission, along with other regulatory authorities, which is expected to take several months.
Sprint is a communications services company that creates more and better ways to connect its customers to the things they care about most.
Open Mobile is a leading wireless communications company. It was established on June 12, 2007. It has a solid, modern and updated network that can provide a flexible and high quality service to its customers. Currently, Open Mobile generates more than 300 direct jobs and operates more than 309 stores and distribution points