Sprint to buy Louisiana affiliate for $1 billion

? Sprint Corp. said Monday it was buying affiliate U.S. Unwired Inc. for about $1 billion, presumably ending that firm’s attempt to block Sprint’s merger with Nextel Communications Inc.

The deal, coming days before shareholders vote on the $35 billion Sprint-Nextel merger, would settle disputes between Sprint and one of its largest regional affiliates.

As part of the agreement, the two sides will ask the U.S. District Court in Lake Charles, La., to stay all pending litigation between the two companies, including U.S. Unwired’s request for an injunction on the Sprint-Nextel merger.

Overland Park-based Sprint said it had agreed to buy all outstanding shares of U.S. Unwired for $6.25 each. Sprint also would assume $266 million of U.S. Unwired’s debt.

U.S. Unwired shares rose 4 cents to close Monday at $6.20 on the Nasdaq Stock Market. Sprint shares rose 7 cents to close at $25.45 on the New York Stock Exchange.