Sprint Agrees to Buy Out Affiliate for $6.5 Billion
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Sprint Nextel Corp. agreed to pay $6.5 billion to buy out shareholders of Nextel Partners Inc., its largest mobile-telephone affiliate, ending four months of bickering over a price.
The offer of $28.50 a share was based on the average assessment of two appraisers, Sprint said. The Reston, Va.-based company already owns 32% of Nextel Partners, which is based in Kirkland, Wash.
Sprint, which became the No. 3 mobile-phone provider after its $36-billion purchase of Nextel Communications Inc., will have spent more than $11 billion to resolve disputes with affiliates stemming from the August combination.
Nextel Partners sells mobile service under the Nextel name.
Shares of Nextel Partners climbed $1.52, or 5.8%, to $27.84.
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