Nextel said Tues. it bought assets of Let’s Talk Cellular & Wirel...
Nextel said Tues. it bought assets of Let’s Talk Cellular & Wireless for $32 million. Assets include bulk of company’s holdings, including 200 retail stores, national distribution center based in Dallas, hq in Miami, store inventory. Nextel said stores…
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would remain open and convert to Nextel brand. Separately, Fitch affirmed ratings for Nextel’s senior secured bank facility and senior unsecured debt. Fitch cited company’s strong first- quarter results, including adding 500,000 subscribers in each quarter last year, average $73 revenue per user, low customer churn. It said rating also reflected expectation that company had enough spectrum to pursue its business plans. “Nevertheless, additional spectrum would enhance Nextel’s competitive position and improve capital efficiency,” Fitch said. “The primary opportunity for Nextel to acquire additional spectrum would be in the much-delayed 700 MHz auction, currently scheduled for September 2001.” Nextel shares rose 15% on Nasdaq Tues. to close at $18.69.