Nextel Partners holders OK Sprint deal

OCT. 24 2:34 P.M. ET

Nextel Partners Inc., the U.S. affiliate of recently merged Sprint Nextel Corp., said Monday its shareholders voted overwhelmingly to force Sprint Nextel to buyout the company.

Sprint Nextel, based in Reston, Va., already owns about a third of the affiliate. Under an agreement between the companies, shareholders of Nextel Partners can trigger a "put" process in the event of a sale of Nextel Communications Inc., which Sprint Corp. recently acquired for $35 billion.

Nextel Partners said that more than 85 percent of its Class A shares voted on the issue, and of the voted shares, 99.9 percent voted in favor of the put right.

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The two companies had jousted throughout the summer over how much the remaining two-thirds of Nextel Partners is worth -- a figure expected to be in the billions. With the triggering process approved, each side must now appoint an appraiser to reach a final figure. Nextel Partners has designated Morgan Stanley as its appraiser.

Nextel Partners shares fell 1 cent to $25.50 in afternoon trading on Nasdaq, while Sprint Nextel shares rose 11 cents to $23.11 on the New York Stock Exchange.