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'Sprint and Nextel Communications, Inc. today announced that their boards of directors have unanimously approved a definitive agreement for a merger of equals. The combination will create America’s premier communications company -- a leading wireless carrier augmented by a global IP network that will offer consumer, business and government customers compelling new broadband wireless and integrated communications services. The new company, which will be called Sprint Nextel, also intends to spin off to its shareholders Sprint’s local telecommunications business following the merger.'

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