Sprint, Nextel agree to 'merger of equals'


Sprint Corp. and Nextel Communications Inc. have agreed to a multi-billion dollar merger that would create the third largest mobile phone operator in the U.S., the companies said Wednesday.

Under a deal that had been widely rumored this week, the telecommunications providers will create a new company called Sprint Nextel that will have about US$40 billion in combined revenue and more than 35 million mobile phone customers, they said.

The deal, structured as a "merger of equals," values each company at $35 billion.

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