Sprint, Nextel expect to finish merger Friday

Sprint and Nextel Tuesday said they intend to finalize their merger on Aug. 12, after gaining all required regulatory approval.

The companies will become Sprint Nextel and will use the stock ticker symbol "S" when trading begins on the New York Stock Exchange next Monday, according to a joint news release.

The companies, two of the largest mobile phone service providers in the U.S., cleared approval from the FCC and the Department of Justice last week .

The merger, announced in December, is part of a wave of consolidation in the U.S. telecommunications industry. Late last year, Cingular Wireless acquired AT&T Wireless Services, while SBC has proposed to merge with AT&T and Verizon plans to buy MCI .

Sprint had 24.8 million customers on its cellular network at the end of last year, and has local and long-distance wireline businesses as well. As part of the deal, its local telecommunications business is to be spun off.

Nextel had 17 million cellular customers in the first quarter of this year. In addition to being the third-largest mobile operator in the U.S., the combined company will hold a large majority of the licenses in a frequency band around 2.5 GHz that could be used for a national wireless broadband service.

The IDG News Service is a Network World affiliate.