SCHAUMBURG, Ill.-Sprint PCS Network Partner iPCS Inc. reported an investor group led by two of The Blackstone Group’s private equity funds, Blackstone Communications Partners and Blackstone Capital Partners III, made a $70 million preferred equity investment in the wireless operator.
The preferred stock investment is the second investment in iPCS by the investor group following a $50 million purchase of preferred stock last July. All of the preferred stock is convertible into shares of common stock.
iPCS also announced it added 21,550 customers during the fourth quarter ended Dec. 31, bringing its total customer base to 46,700. The company has the exclusive rights to provide Sprint PCS services in 35 markets located in Illinois, Michigan, Iowa and eastern Nebraska.
