US mobile telephone network operators Sprint Corporation and Nextel Communications are to merge in a $35 billion deal. The combined company, Sprint Nextel, will be the US’s third largest mobile phone network. Nextel CFO Paul Saleh will become CFO of the merged company.
Sprint and Nextel shareholders will each own approximately 50% of the new company. Under the terms of agreement, however, Nextel shareholders will be compensated with 1.28 shares for each existing share and a cash payment of 50 cents per share.
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