Nextel Agrees To Pay $144M For WorldCom Wireless Assets
Worldcom (er... I mean MCI), which had already agreed to sell its wireless assets to BellSouth for $65 million, appears to have a better offer. Nextel showed up at the auction and the frenzied bidding apparently made it's way up to $144 million... in cash. They say this includes "WorldCom's wireless licenses, network equipment and leases, as well as the assumption of contracts and site and tower leases." Of course, since Worldcom paid about a billion dollars for all of this, Nextel would be getting it for about $0.14 on the dollar. Not so bad.
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