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Article: Sprint to Buy Out Nextel Partners; $6.5 Billion Deal Ends Battle Over Affiliate's Value
- Article from:
- The Washington Post
- Article date:
- December 21, 2005
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Sprint Nextel Corp. agreed yesterday to pay $6.5 billion to buy
out the shareholders of Nextel Partners Inc., ending a dispute over
the value of the Kirkland, Wash.-based company, which offers mobile
phone service under the Nextel brand.
The settlement removes a distraction that has loomed over Sprint
since its August merger with Nextel Communications Inc.
Sprint Nextel said it would pay $28.50 per share for the roughly
69 percent of Nextel Partners it does not already own.
The Reston-based company, the nation's third-largest mobile phone
provider, was obliged to buy out Nextel Partners shareholders under a
long-standing agreement between Nextel and Nextel Partners.
Nextel Partners, which ...