Directors Approve Sprint-Nextel Merger
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The deal would create a new wireless telecommunications giant with 39 million customers.-The Washington Post
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Sprint (FON:NYSE - news - research) and Nextel (NXTL:Nasdaq - news - research) have struck a tentative merger agreement, according to news reports.
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Shareholders of Alcatel SA and Lucent Technologies Inc. approved the companies' merger plansÂ Thursday, clearing one of the last hurdles to a mammoth consolidation in the communications equipment business.
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Shares of Sprint Corp. and Nextel Communications Inc. jumped yesterday following reports the two telephone companies were discussing a merger.
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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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NEW YORK - Sprint Corp. is buying Nextel Communications Inc. in a $35-billion US deal that will create the third-largest wireless phone company in the US.
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Industry watchers don&#39;t expect any trouble from regulators or competitors when it comes to the proposed Sprint (Quote, Chart) Nextel (Quote, Chart) merger.
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Sprint or Nextel Communications, the two US mobile phone network companies that agreed to a $35bn merger earlier this week, have set a December 31 2005 deadline to complete the deal.
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The merger of Sprint Corp. and Nextel Communications, unveiled last week in a deal valued at more than $35 billion, is likely to spur deployment of broadband wireless services as three giant
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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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U.S. mobile operator Sprint Nextel has appointed Dan Hesse as president and CEO. He replaces Gary Forsee, who resigned in October.Forsee left as Sprint Nextel fought to retain market share in the face of its two larger rivals, AT&amp;T and Verizon Wireless. The company struggled with integrating the disparate customer bases of its two constituent parts, not least because the Sprint and Nextel wireless networks are based on different technologies.Sprint Nextel&#39;s directors already know Hesse: he most recently served as chairman, president and CEO of Embarq, a company formed from the local telecommunications division of Sprint following that company&#39;s 2005 merger with Nextel.Before that, he held the same roles at Terabeam, a wireless carrier, following a number of years at the head of AT&amp;T Wireless.Hesse will now join the Sprint Nextel board of directors, although unlike Forsee he will not be its chairman. That honor will remain with James Hance, who took the post following Forsee&#39;s departure, the board said Tuesday.Sprint&#39;s two cellular networks serve around 54 million customers, and it also has licenses to build a national WiMax network, leaving it with something of an identity problem. Hesse will have to balance the needs of these networks as he sets out a new strategy for the company.
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Shares of Sprint Corp.  FON.N  jumped on Friday as the telephone company continued merger  negotiations with Nextel Communications Inc. NXTL.O for a  deal that would combine the No. 3 and No. 5 U.S. wireless  service carriers.
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Washington Post business columnist Steven Pearlstein will be online to discuss the merger of Sprint and Nextel Communications. In a column this morning, he wrote that consumers should should cheer the combination.
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Sprint Corp. on Wednesday agreed to  buy wireless telephone company Nextel Communications Inc. in a  cash and stock deal worth about $35.17 billion to gain more  business customers and more wireless airwaves to transmit  calls.
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Sprint and Nextel formally announced a $35 billion merger agreement Wednesday and gave details on how the corporate combination would affect employees and consumers. -The Washington Post
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Nextel Communications Inc. yesterday gave final approval to a deal that gives it control over valuable new airwaves, ending a years-long lobbying battle among interest groups over how to reduce cell phone interference with police and fire radio systems.
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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.