The deal is valued at $6.5 billion, or $28.50 per share.
KANSAS CITY, Mo. — Sprint Nextel Corp. said Tuesday that it would buy Nextel Partners Inc. in a deal valued at $6.5 billion, or $28.50 per share, settling a legal battle with its largest affiliate.
Nextel Partners shareholders had approved a provision in October that required Sprint Nextel to buy two-thirds of the company it doesn’t already own.
That came after Sprint Corp. acquired Nextel in August for $35 billion. Nextel Partners and other affiliates provide wireless service to rural areas and smaller cities that were not served by Sprint or Nextel.
The two companies engaged in a monthslong fight over the value of Nextel Partners, which is based in Kirkland, Wash., before the companies agreed to use arbitrators to determine the affiliate’s value. Sprint Nextel is based in Reston, Va., and has operational headquarters in Overland Park., Kan.
Most Read Stories
- For $750, Seattle’s newest apartment is the size of a parking space
- This video of Marshawn Lynch narrating the 'Planet Earth II' iguana chase wins the internet
- Light snowfall expected in Seattle tonight; Snohomish County could see more
- ‘A fairly messy situation’: 2-4 inches of snow could fall Thursday in Seattle area
- Former Seahawk Ricardo Lockette stirs anger at Garfield High assembly: ‘Men take the lead’
The deal between Sprint Nextel and Nextel Partners must be approved by the Federal Communications Commission and the Department of Justice. It is expected to be completed by the end of the second quarter of 2006.