Sprint Nears Deal for Nextel
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Sprint Corp. moved closer to an agreement to buy Nextel Communications Inc. for more than $36 billion in a mostly stock deal, sources familiar with the situation said Friday.
The companies, which have held on-again, off-again talks in the last year, renewed negotiations in recent days for a merger that would create a wireless giant with 39 million customers.
Media reports said that Sprint Chairman and Chief Executive Gary Forsee would be CEO of the combined company and that Nextel CEO Tim Donahue would be executive chairman. The board would be evenly split between the companies, the reports said.
Under the terms being considered, Sprint aims to pay 1.3 shares of Sprint stock for each share of Nextel, sources said. An agreement could be announced next week, the sources said.
Shares of Nextel fell 5 cents to $29.76 on Nasdaq. Sprint shed 14 cents to $24.14 on the New York Stock Exchange.
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