Nextel Purchases Shares
Nextel Purchases SharesMonday September 27, 5:03 pm ET
Nextel Repurchases 6 Million Shares of Its Own Common Stock Held by Motorola
Nextel Purchases 5.6 Million Shares of Nextel Partners Common Stock from Motorola
RESTON, Va.--(BUSINESS WIRE)--Sept. 27, 2004-- Nextel Communications Inc. (NASDAQ:NXTL - News) today announced it has purchased shares of Nextel Communications and Nextel Partners (NASDAQ: NXTP - News) stock from Motorola. Nextel purchased from Motorola 6 million shares of Nextel's Class B Common Stock at a purchase price of $23.50 per share, or an aggregate purchase price of $141 million and 5,576,376 shares of Nextel Partners Class A Common Stock at a purchase price of $13.89 per share, or an aggregate purchase price of $77,455,862.
"Once again, as a result of our excellent liquidity position and continued strength in our operations, we are able to take advantage of a capital market opportunity in our own securities and those of Nextel Partners," said Paul Saleh, Nextel's executive vice president and CFO. "These share purchases allow Nextel to slightly reduce its shares outstanding and increase its percentage ownership in Nextel Partners."
Nextel now holds 84,632,604 shares of Nextel Partners Class B Common Stock. Pursuant to the terms of Nextel Partners' certificate of incorporation, each Class A Common share purchased from Motorola converted into a Class B Common share automatically. Motorola continues to hold 47,530,768 shares of Nextel's Class A Common Stock, 29,660,000 shares of its Class B Common Stock, and 500,000 shares of Nextel Partners Class A Common Stock.
About Nextel
Nextel Communications, a FORTUNE 200 company based in Reston, Va., is a leading provider of fully integrated wireless communications services and has built the largest guaranteed all-digital wireless network in the country covering thousands of communities across the United States. Today 95 percent of FORTUNE 500® companies are Nextel customers. Nextel and Nextel Partners, Inc. currently serve 297 of the top 300 U.S. markets where approximately 254 million people live or work.
Nextel, the Nextel logo, NextMail, DirectTalk, Push To Talk, and International Direct Connect are trademarks and/or service marks of Nextel Communications, Inc.
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Contact:
Nextel Communications Inc., Reston
Investors:
Paul Blalock, 703-433-4300
or
Media:
Audrey Schaefer, 240-876-1588
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Source: Nextel Communications Inc.
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