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Article: Sprint Nextel to Buy Nextel Partners
- Article from:
- AP Online
- Article date:
- December 21, 2005
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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MARGARET STAFFORD, Associated Press Writer
AP Online
12-21-2005
Dateline: KANSAS CITY, Mo.
Sprint Nextel Corp. said Tuesday it would buy outstanding shares of Nextel Partners Inc. in a deal valued at $6.5 billion, or $28.50 per share, settling a battle with its largest affiliate.
Nextel Partners shareholders had approved a provision in October that required Sprint Nextel to buy two-thirds of the company it doesn't already own. Including the one-third shares that Sprint Nextel already owns in the affiliate, the deal puts the value of Nextel Partners at about $10 billion.
After Sprint Corp. acquired Nextel in August for $35 billion, several affiliates that provide wireless service to rural ...