SAN DIEGO-Leap Wireless International Inc. completed the sale of its Chilean wireless venture, Smartcom PCS, to Spanish utility company Endesa S.A.
Leap received $300 million in cash and notes subject to certain post-closing adjustments plus repayment of all intercompany debt between Leap and Smartcom.
“We think this transaction proves Leap’s ability to deploy networks, operate successful businesses and create significant value for our shareholders,” said Harvey White, chairman and chief executive officer for Leap. “We look forward to capturing more wireless opportunities, both by expanding our current operations in the United States and Mexico, and developing other innovative wireless voice and data ventures.”
Leap said it would use the proceeds from the sale to accelerate the rollout of its Cricket flat-rate local wireless services.
