Wireless provider Sprint Nextel Corp. announced Wednesday that it would acquire affiliate Northern PCS in a deal worth $312.5 million.

Northern PCS, based in Waite Park, Minn., serves more than 236,000 Sprint Nextel subscribers in Minnesota, North Dakota, Wisconsin and Iowa.

Sprint Nextel, based in Reston, Va., with operational headquarters in Overland Park, said it would pay $307.2 million and assume $5.3 million in debt. The deal, which awaits regulatory approval, is expected to close in the third quarter of this year.