Sprint and Nextel shareholders approve Nextel acquisition

Nextel today announced that its stockholders approved for the proposed merger with Sprint. The following four proposals related to the merger were approved by Sprint shareholders based upon the preliminary voting results:

• the amendment to Sprint's articles of incorporation to increase the authorized shares of series 1 common stock was approved by 97 percent of the votes cast, 74 percent of outstanding common stocks, and 74 percent of total voting power;
• the amendment of Sprint's articles of incorporation to create a class of non-voting common stock and create the ninth series preferred stock was approved by 96 percent of the votes cast and 73 percent of total voting power;
• the adoption of the Sprint Nextel amended and restated articles of incorporation was approved by 98 percent of the votes cast and 74 percent of total voting power;
• the issuance of Sprint Nextel series 1 common stock, non-voting common stock and ninth series preferred stock in the merger was approved by 97 percent of the votes cast and 74 percent of total voting power.

"The resounding stockholder support for this merger endorses the smart strategic rationale and the tremendous value creation opportunities before us," said William E. Conway, chairman of the board of Nextel. "It also recognizes a job well done by the Nextel executive team. With their dedication and vision, backed by the commitment of all Nextel employees, the company is poised to unite with Sprint and become America's premier telecommunications company."

The deal between Sprint and Nextel, which was announced on December 15, 2004, will close in the third quarter of this year.