Sprint Nextel Corp. plans to buy its biggest affiliate Nextel Partners Inc. for $6.5 billion, or $28.50 a share, the companies said on Tuesday.
Sprint Nextel, which already owns about 32 percent of Nextel Partners, is being forced to buy the company outright after Sprint’s purchase of Nextel Communications earlier this year triggered a “put option.” The agreement puts a total enterprise value of about $10 billion on Nextel Partners. The companies bickered for months about how to value a deal.
