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Sprint, Nextel agree to shares buyout

Sprint, Nextel agree to shares buyout

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KANSAS CITY, Mo. - Sprint Nextel Corp. said Tuesday it would buy outstanding shares of Nextel Partners Inc. in a deal valued at $6.5 billion, or $28.50 per share, settling a legal battle with its largest affiliate.

Nextel Partners shareholders had approved a provision in October that required Sprint Nextel to buy two-thirds of the company it doesn't already own. Including the one-third shares that Sprint Nextel already owns in the affiliate, the deal puts the value of Nextel Partners at about $10 billion.

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