Leap hires advisors for possible sale

4 Feb 2010

According to a report by Reuters, citing sources familiar with the matter, US cellco Leap Wireless has hired Goldman Sachs and Morgan Stanley to advise the operator on a sale as it looks for potential suitors. Leap has reportedly approached a number of potential buyers in recent days, including rival cellcos such as MetroPCS, Verizon, and AT&T. In early September 2007 MetroPCS made a USD5.5 billion all-stock takeover offer for Leap, offering 2.75 of its own shares for every Leap share. However, Leap’s board rejected the offer in mid-September, saying it undervalued the company.