Sprint Nextel's Embarq spinoff set for May 17

Apr 29 2006 - 02:10 PM ET | Backpage, Sprint Nextel

Sprint Nextel has set May 17th as the date for its wireline business spinoff. The new company will be called Embarq. Sprint is exiting the wireline business to concentrate on its wireless efforts. Embarq will trade on the New York Stock Exchange under the "EQ" symbol.

Shareholders of Sprint will receive one share of Embarq for every 20 shares of Sprint .