Sprint Shareholders Approve Nextel Deal

Sprint shareholders vote to approve merger with Nextel

July 14, 2005

2 Min Read

OVERLAND PARK, Kan. -- Sprint (NYSE: FON) shareholders overwhelmingly approved all of the proposals related to the merger of Sprint and Nextel Communications, Inc. (NASDAQ: NXTL), the company announced at its annual shareholders meeting today.

"The Sprint and Nextel merger is a bold move that will allow the newly merged company to play a winning hand," Sprint Chairman and CEO Gary Forsee told Sprint shareholders following the close of the votes. "Together, we will be a well-positioned communications company, with unmatched wireless capabilities and a global IP network. And, the proposed spin-off of our local telecommunications business will create the largest, non-RBOC local company, serving 7.6 million access lines in 18 states."

The proposed merger-of-equals between Sprint and Nextel, which was announced on Dec. 15, 2004, is expected to close in the third quarter of 2005 pending regulatory approvals, and the anticipated spin-off of Sprint's local telecommunications business is expected to occur in 2006. After the completion of the merger, the combined company stock will trade on the New York Stock Exchange under the ticker symbol "S".

"When you consider the substantial synergies that can be achieved, along with the strong brand and market position that we will enjoy, we believe Sprint Nextel will provide shareholders an even more compelling investment opportunity," Forsee said.

Sprint also announced that shareholders voted to elect Board of Director nominees Gordon M. Bethune, Dr. E. Linn Draper, Jr., James H. Hance, Jr., Deborah A. Henretta, Irvine O. Hockaday, Jr., Linda Koch Lorimer, Gerald L. Storch and William H. Swanson, with each nominee receiving more than 85 percent of the votes cast, based upon the preliminary voting results.

Sprint Corp.

Nextel Communications Inc.

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