Sprint, Nextel Agree To Merge
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The deal, valued at $35 billion, will create a large wireless service provider to compete with wireless rivals Cingular and Verizon.
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The merger deal between Sprint and Nextel, which reportedly has not been finalized, is being described as a merger of equals that would create the third largest US cellular carrier with nearly 39 million subscribers.
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Sprint and Nextel announced plans for a $36 billion merger Wednesday, creating a new major wireless phone power with a customer base to challenge its two larger rivals.
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Sprint (FON:NYSE - news - research) and Nextel (NXTL:Nasdaq - news - research) confirmed their $35 billion merger Wednesday, setting ambitious plans for growth along with extensive cost-cutting.
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WASHINGTON/NEW YORK  - Sprint Corp. FON.N on  Wednesday said it will buy mobile telephone company Nextel  Communications Inc. NXTL.O for about $36 billion creating a  U.S. wireless carrier with nearly 40 million subscribers.
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Sprint, the No. 3 US mobile- phone company, and Nextel Communications are in early talks about a possible merger, people familiar with the matter said.
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Sprint has agreed to buy mobile telephone company Nextel Communications in a deal worth $35.17 billion, combining the No. 3 and No. 5 U.S. wireless carriers and creating a new company with about 40 million customers.
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America&#39;s third-largest mobile operator, Sprint, yesterday agreed to buy the fifth-largest, Nextel, in a well-flagged cash and shares deal worth $36.3billion (Â£19billion).
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Sprint and Nextel Communications could announce a &#36;35 billion merger this week in a deal that would forge a third goliath in the quickly consolidating wireless industry.  The union would complete Sprint's transformation from perennial also-ran in the troubled long-distance business.
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Nextel Communications and Sprint are negotiating a possible merger, according to a source familiar with the discussions. It was not clear how far the talks had progressed, and
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Sprint Corp and Nextel Communications have tentatively agreed on key terms in a $US35 billion ($47billion) merger deal that would create a giant mobile phone carrier with nearly 39 million subscribers.
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Sprint said Wednesday it had reached an agreement with Northern PCS of Minnesota to acquire the company for $312.5 million in a continuing effort to appease regional affiliates that objected to its merger with Nextel in 2005.
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Sprint (nyse: FON - news - people ) and Nextel Communications (nasdaq: NXTL - news - people ) said this morning that their boards have unanimously approved a &quot;merger of equals.
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Sprint and Nextel formally announced a $35 billion merger agreement Wednesday and offered details on how the corporate combination would affect employees and consumers. -The Washington Post
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NEW YORK 07:30 EST - It&#39;s official. Sprint and Nextel is becoming &quot;Sprint Nextel&quot; in what is being described this morning by both companies as a &quot;merger of equals.
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Today probably comes as little surprise to anyone. Sprint (NYSE: FON) will purchase Nextel (Nasdaq: NXTL) for $35 billion, resulting in a company that will be called -- you guessed it -- Sprint Nextel.
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Sprint and Nextel, two of the top five US mobile phone carriers, are negotiating a merger, say people close to the proposed deal. The combined company would be worth about $70bn.