Sprint and Nextel get FCC approval for merger
Aug 03 2005 - 10:10 PM ET | Sprint Nextel
Sprint and Nextel were today awarded approval by the FCC for the proposed merger
. Shareholders of the two companies approved
the merger last month. This marks all necessary approval and thus the merger is expected to close shortly.
The deal is valued at $36 billion and will allow Sprint to greatly increase its subscriber count and solidify its position as the third largest carrier in the US.
The new company will be known as Sprint Nextel Corporation and has already debuted new logos
. Nextel will be a brand within Sprint Nextel's wireless offerings.
After the completion of the merger, Sprint Nextel common stock will trade on the New York Stock Exchange under the ticker symbol "S."