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XM Satellite and WCS Wireless Terminate Agreement |
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WASHINGTON, May 23, 2006/Satnews Daily/ — XM Satellite Radio (NASDAQ:XMSR) and WCS Wireless announced on Monday the termination of their agreement for XM to acquire WCS Wireless. The principal assets of WCS Wireless are wireless spectrum licenses in certain geographic areas throughout the United States.
XM planned to expand its business to video and data offerings through the acquisition of WCS.
XM and WCS Wireless announced their agreement on July 13, 2005, expecting to close their transaction with the receipt of necessary government approvals around this time. However, the two companies said in a statement that despite their efforts to obtain that approval, it has not been forthcoming to date.
They said XM and WCS Wireless have agreed to terminate the acquisition agreement in order to free WCS Wireless to pursue other alternatives for its spectrum licenses.
“With the inability to obtain the necessary government approval for this transaction in a timely manner, WCS Wireless needed to pursue alternatives for its spectrum with greater certainty of regulatory approval,” Gary Parsons, chairman of XM, said.
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