Archive for Wednesday, August 10, 2005

Sprint and Nextel to merge Friday

August 10, 2005

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Sprint Corp. said Tuesday it would complete its acquisition of Nextel Communications Inc. on Friday and begin trading as a unified stock Monday.

The merge of Overland Park-based Sprint and Reston, Va.-based Nextel is poised to boost Sprint's standing as the third-largest wireless provider in the country, and provide a stronger competitor to industry leaders Cingular Wireless and Verizon Wireless.

The Federal Communications Commission and the Justice Department signed off on the consolidation last week. Shareholders for both companies already have approved the deal.

Sprint Nextel Corp. will trade under the stock symbol "S" on the New York Stock Exchange. The company will move its corporate headquarters to Reston but keep its operational headquarters at Sprint's sprawling campus in Overland Park.

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