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COPYRIGHT 2005 American Lawyer Media L.P.
In the cell phone industry, one huge merger deserves another. On December 15 Sprint Corporation and Nextel Communications, Inc., announced that they would combine in a deal that values each partner at about $35 billion. The deal comes just two months after Cingular Wireless LLC closed its $41 billion purchase of AT & T Wireless Services Inc. [Deals & Suits, July 2004].
Sprint and Nextel are styling their linkup as a merger of equals, though Nextel shareholders are receiving about a 9 percent premium. They will get 1.28 shares in the new entity as well as 50 cents for each Nextel share; Sprint investors will trade their shares for stock in the merged company in an even swap.
Sprint chairman and CEO Gary Forsee will hold the latter position at the new...
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