Sprint Nextel Gets Antitrust OK To Buy Nextel Partners

WASHINGTON -(Dow Jones)- Sprint Nextel received antitrust clearance from the Federal Trade Commission to buy out affiliate Nextel Partners.

The agency said Monday it granted early termination Friday of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act.

Under the terms of the agreement, Sprint will pay $28.50 a share in cash for the stock it doesn't already own and for the conversion of debt, which equates to $6.5 billion.

Nextel Partners' shares last traded at $27.95.

The agreement ends a bitter dispute that included legal battles over such issues as the disclosure of information pertaining to the valuation of Nextel Partners.

-By Ingrid Pedrick Lehrfeld, Dow Jones Newswires; 202-862-1361

(END) Dow Jones Newswires "

Posted to the site on 6th February 2006