Shareholders Give Thumbs-Up to Sprint-Nextel Merger

07/14/2005

Sprint Corp. and Nextel Communications Inc. shareholders have given the companies the go-ahead to merge into the new Sprint Nextel Corp.

Sprint made the announcement yesterday at its annual shareholders meeting. The deal is worth an estimated $35 billion.

The merger will form the No. 3 wireless company in the United States. The Associated Press also reported Sprint and Nextel are working to have their unified brand in stores in time for the holidays.

The companies expect the deal – which still faces regulatory approval – to close in the third quarter. The combined company stock will trade on the New York Stock Exchange under the ticker symbol “S”.

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