Sprint Nextel to acquire Nextel Partners

Sprint Nextel Corp. announced that the company will purchase Nextel's affiliate – Nextel partners for a sum that is about $6.5 billion, including amounts payable upon conversion of debt securities and upon settlement of options. Nextel Partners will acquire $28.50 per share. The price has been set as the average of the fair market value figures determined by two independent appraisers - Morgan Stanley and Lazard Freres & Co. The announcement states that the price is final and binding on all Nextel Partners shareholders unless challenged by January 9, 2006. The deal, which is still subject to U.S. Department of Justice and U.S. Federal Communications Commission approval, is expected to be closed by the end of the second quarter of 2006.

Source: Sprint Nextel