June 20, 2006
Sprint Nextel Receives Federal Communications Commission Approval for Nextel Partners Acquisition
Sprint Nextel, Leigh Horner, 919-465-3712
Nextel Partners, Susan Johnston, 425-576-3617
Sprint Nextel, Kurt Fawkes, 703-344-3125
RESTON, Va. and KIRKLAND, Wash. — 06/20/2006
Sprint Nextel Corp. (NYSE: S) and Nextel Partners, Inc. (NASDAQ:NXTP) today announced that the Federal Communications Commission (FCC) has granted approval for the pending acquisition of Nextel Partners by Sprint Nextel. This completes all required regulatory approvals and the companies expect to close the acquisition on Monday, June 26, 2006.
Sprint Nextel's purchase of Nextel Partners is being conducted in accordance with the put right in Nextel Partners' charter. In October 2005, holders of Nextel Partners Class A common stock voted to require Sprint Nextel to acquire their shares of stock. In December 2005, Sprint Nextel and Nextel Partners announced the purchase price for each share of Class A common stock had been determined to be $28.50.
“We are pleased that the FCC has approved this acquisition and are looking forward to working together to continue the outstanding service Nextel Partners' customers rely upon,” said Gary Forsee, Sprint Nextel president and chief executive officer. “Beyond that, this acquisition will allow Sprint Nextel to bring the full range of our existing and new offerings to these customers quicker and more efficiently.”
“With the FCC's approval, we are looking forward to a successful integration of Nextel Partners upon completion of the acquisition,” said John Chapple, Nextel Partners' chairman, chief executive officer and president. “I would like to thank our nearly 3,000 partners (employees) for their unwavering commitment and tireless dedication to striving for 100 percent customer satisfaction.”
About Sprint Nextel
Sprint Nextel offers a comprehensive range of communications services bringing mobility to consumer, business and government customers. Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two robust wireless networks offering industry leading mobile data services; instant national and international walkie-talkie capabilities; and an award-winning and global Tier 1 Internet backbone. For more information, visit www.sprint.com.
About Nextel Partners
Nextel Partners, Inc. (NASDAQ:NXTP), a FORTUNE 1000 company based in Kirkland, Wash., has exclusive rights to offer the same fully integrated, digital wireless communications services offered by Nextel Communications in mid-sized and rural markets in 31 states where approximately 54 million people reside. Nextel Partners and Nextel Communications together offer the largest guaranteed all-digital wireless network in the country serving 297 of the top 300 U.S. markets. To learn more about Nextel Partners, visit http://www.nextelpartners.com/.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
A number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the combined company and whether and when the acquisition will be completed. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such risks and uncertainties include: any conditions imposed on Sprint Nextel in connection with the acquisition; and the risks that are described from time to time in Sprint Nextel's and Nextel Partners' respective reports filed with the SEC, including each company's annual report on Form 10-K for the year ended December 31, 2005, as amended, and their respective quarterly reports on Form 10-Q filed in 2006. This document speaks only as of its date, and Sprint and Nextel each disclaims any duty to update the information herein.