Bill Gates Invests in Mobile Phone Company

Microsoft's Chairman, Bill Gates's private investment arm, Cascade Investment has upped its investment in the US mobile phone network, Nextel Partners, after the purchase of an additional 3.75 million shares of Nextel Partners stock from Craig McCaw's Eagle River Investments. Cascade Investment now owns 5.2% of Nextel Partners outstanding common shares. Following the sale, McCaw remains a major shareholder in the company with approximately 15.8 million shares of Nextel Partners or 6.4 percent of the company's outstanding common shares.

"We are very pleased that Cascade has expanded its position in Nextel Partners. They have a proven reputation as smart investors and we believe the additional investment is a validation of our operational success and of the overall long term prospects of the Company," said John Chapple, Nextel Partners Chairman and CEO.

"I am very proud of the results that have been delivered by the team at Nextel Partners," said Eagle River Chairman and CEO Craig O. McCaw. "I continue to hold a significant position in the company and believe that as the economy stabilizes, and as the team continues to deliver against its operational goals, Nextel Partners will remain a bright star."

Posted to the site on 3rd December 2002