Outlining the next step in its corporate makeover, Sprint Nextel Corp. filed a registration statement to spin off its wireline unit on Monday. The new company will have 7.4 million subscribers, and could be valued in the $16 billion to $19 billion range, judging by comparable telecoms.
The former Sprint Corp. and Nextel Communications Inc. announced their intention to spin of the wireline business when Sprint unveiled its plan to buy Nextel for $35 billion in mid-December, 2004. The deal closed last year.
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