Sprint Nextel Completes Acquisition of Wireless Affiliate Alamosa Holdings

Sprint Nextel Corp. (NYSE: S) announced today that it has successfully completed its acquisition of Alamosa Holdings, formerly the largest PCS affiliate. Under the terms of the deal, announced in November, Sprint Nextel acquired Alamosa in an all-cash transaction for approximately $4.3 billion, including the assumption of approximately $900 million of net debt.

The closing of the Alamosa acquisition brings final resolution to the litigation pending between Sprint Nextel and AirGate PCS Inc., a subsidiary of Alamosa.

Alamosa Holdings, based in Lubbock, Texas, provides Sprint PCS services in 19 states, serving approximately 1.5 million direct wireless subscribers. Alamosa employs about 1,300 people and had pro forma (for the acquisition of AirGate completed in the 1st Quarter of 2005) revenues for the 12 months ended Sept. 30, 2005 of $1.32 billion.