Cricket Completes Acquisition of Chicago and Southern Wisconsin Operating Markets and Forms Savary Island Venture

Leap Wireless International, Inc.

, a leading provider of innovative and value-driven wireless communications services, announced that its wholly owned subsidiary, Cricket Communications, Inc. (Cricket), today completed the previously announced acquisition of the remaining 17.5% controlling membership interest that it did not own in Denali Spectrum, LLC (Denali), thus providing Cricket with ownership and control of Denali's Chicago and Southern Wisconsin markets. Cricket acquired the remaining interest from Denali Spectrum Manager, LLC (

) for approximately $53 million in cash and a five-year $45.5 million promissory note. In connection with the acquisition, Cricket paid approximately $11 million to the FCC in unjust enrichment payments. As a result of the acquisition, Denali and its subsidiaries became wholly owned subsidiaries of Cricket.