Sprint-Nextel Merger Details

Comments

Sprint-Nextel
Sprint Corp. and Nextel Communications Inc. said Thursday that they will operate under the Sprint brand following their planned third-quarter merger. The Sprint name was chosen because of its broad market awareness and “history of innovation” the companies said in a statement.

The companies said they will not drop the Nextel brand altogether, but use it to mark certain business-oriented products and services for which Nextel is known. In addition, the redesigned Sprint logo will carry a tag line – “Together with Nextel.”

Sprint Nextel Corp. will serve as the combined business corporate name.

Overland Park, Kan.-based Sprint agreed in December to acquire Nextel, of Reston, Va., for $35 billion. Sprint Nextel would be the nation’s third-largest wireless provider after Cingular Wireless and Verizon Wireless.

Sprint shares rose 2 cents to $24.99 in midday trading on the New York Stock Exchange, while Nextel shares fell 1 cent to $32.26 on the Nasdaq.