Sprint Nextel Completes Acquisition of IWO Holdings, Inc.

RESTON, Va.--()--Oct. 20, 2005--Sprint Nextel Corp. (NYSE:S) announced today that it has successfully completed its previously announced plans to acquire IWO Holdings, Inc., a former PCS affiliate. Under the terms of the transaction, Sprint Nextel acquired IWO Holdings in an all-cash merger for approximately $427 million, including the assumption of approximately $208 million of net debt.

IWO Holdings, based in Albany, N.Y., provides Sprint PCS services in upstate New York, New Hampshire, Vermont and portions of Massachusetts and Pennsylvania, serving more than 241,000 direct wireless subscribers. It employs about 230 people and had 2004 revenues of approximately $187 million.

About Sprint Nextel

Sprint Nextel offers a comprehensive range of wireless and wireline communications services to consumer, business and government customers. Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two robust wireless networks offering industry leading mobile data services; instant national and international walkie-talkie capabilities; and an award-winning and global Tier 1 Internet backbone. For more information, visit www.sprint.com.

Contacts

Sprint Nextel Corp.
Media:
Nick Sweers, 913-794-3460
Nicholas.Sweers@sprint.com
or
Investors:
Kurt Fawkes, 913-794-1126
Investorrelations.sprintcom@mail.sprint.com

Contacts

Sprint Nextel Corp.
Media:
Nick Sweers, 913-794-3460
Nicholas.Sweers@sprint.com
or
Investors:
Kurt Fawkes, 913-794-1126
Investorrelations.sprintcom@mail.sprint.com