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Cox sells PCS partnership stake to Sprint

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Atlanta -- Cox Communications said it is selling its ownership stake in Cox Communications PCS L.P. to Sprint Corp. The deal is expected to close in the second quarter, at which time Sprint will own 100% of the operation that will provide service in the Los Angeles, San Diego and Las Vegas areas. Cox exercised an option to require Sprint to purchase its remaining 40.8% stake in the operation in return for 24.3 million shares of Sprint PCS' common stock, Series 2. (From RCR.)
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