Sprint gets antitrust nod for UbiquiTel deal (Reuters)

WASHINGTON (Reuters) - Sprint Nextel Corp. (NYSE: - ) hasreceived U.S. antitrust clearance to acquire its wirelessaffiliate UbiquiTel Inc. (Nasdaq: - ) for about $1 billion, U.S.officials said on Thursday.

U.S. antitrust authorities have closed their review of thedeal without taking any action to block it, the Federal TradeCommission said in a notice.

Sprint Nextel has agreed to pay $10.35 a share in cash forthe company, prompting one of UbiquiTel's shareholders,Deephaven Capital Management, to complain that the price wastoo low.

UbiquiTel sells wireless service under the Sprint brandname in the Midwestern and Western United States. The dealmarked the sixth affiliate Sprint has agreed to buy to resolvecontract disputes stemming from its purchase of NextelCommunications last year.

UbiquiTel stock rose 2 cents to $10.48 Thursday on Nasdaq,while Sprint Nextel fell 11 cents to $24.89 on the .

http://us.rd.yahoo.com/