US Telecoms Giant Sprint Corp Merges With Nexel
Posted on: Thursday, 16 December 2004, 09:00 CST
US telecoms giant Sprint Corp merges with Nexel
WASHINGTON, Dec. 15 (Xinhua) -- US telecommunications giant Sprint Corp said Wednesday it is acquiring Nextel Communications Inc in a deal worth 35 billion US dollars to create the US' third largest wireless telephone service provider.
The merger will create the Sprint Nextel company with a combined annual revenue of about 40 billion US dollars and serve more than 35 million wireless subscribers, trailing only Cingular Wireless and Verizon Wireless.
Sprint will get access to Nextel's 15.3 million subscribers and Nextel will avoid a costly upgrade of its own network. The two companies estimated the merger will save them 12 billion dollars in operating costs and network upgrades.
Sprint Nextel will have its executive headquarters in Reston, Virginia, where Nextel is now based and its operational headquarters in Overland Park, Kansas, where Sprint is headquartered.
Source: Xinhua News Agency - CEIS
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