Sprint Corp.’s $35 billion acquisition of Nextel Communications Inc. received the go-ahead Wednesday from regulators, bolstering Sprint’s status as the No. 3 wireless company in the United States.

After the Federal Communications Commission approved the deal, the Justice Department gave its blessing a short time later.

“This action will ensure that consumers continue to receive the benefits of wireless competition, such as reduced prices and increased coverage,” said Kevin Martin, commission chairman.

The new company will have more than 40 million wireless customers and $40 billion in annual revenue to challenge market leaders Cingular Wireless and Verizon Wireless.

The combined company will have its corporate headquarters in Reston, Va., and an operational headquarters in Overland Park.