Sprint Commitment To Apple: Will Buy iPhone Worth $15.5 Billion

Posted on Feb 28 2012 - 5:06am by Editorial Staff

Earlier this morning, we reported that Sprint Nextel is back in the bond market to raise money for financial network upgrades, tacking its debt load and funding Clearwire Corp. The debt sale, the company’s second since November, follows news Friday that the telecommunications firm’s board rejected a deal to buy rival MetroPCS Communications Inc.

Sprint today released its 10-K filling with Securities and Exchange Commission for the fiscal year ending in December – the filling has revealed that it had made a commitment with Cupertino-based Apple to purchase a minimum number of iPhones from Apple amounting to $15.5 billion which is almost around 24 million units.

Last week the US based third-largest wireless carrier has seen when the “worst” when Sprint’s Nextel Corp. rejected a deal to buy MetroPCS communication – MetroPCS recently reported its earning this week and with over 9.35 million registered subscribers at the end of quarter fourth, now considerably combining with Sprint’s numbers of 55 million subscribers, the company do fall short as comparison to the biggies Verizon and AT&T, but on the note will put T-Mobile in more fragile position that it is today.

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.