Sprint looking for bidders for Nextel unit

Sprint Nextel is looking for bidders for its Nextel unit, and may have found a few suitors already, people close to the negotiations said, according to a report in The Wall Street Journal.

According to the report, Sprint is looking to sell off the Nextel unit, which it acquired in 2005, along with its iDEN network. Two possible bidders may be Latin American carrier NII Holdings and the private-equity firm Cerberus Capital Management.

In any possible deal, Sprint is looking for the buyer to assume at least $5.4 billion in debt. As late as two weeks ago, Sprint's CEO, Dan Hesse, told a gathering in New York that the company was looking to fix the Nextel unit and improve the integration, and was not looking to sell. Since 2005, Sprint has fallen behind Verizon Wireless and AT&T mobility in market share as the Nextel unit has struggled to retain subscribers.

For more:
- see this article (sub. req.)

Related Articles:
Sprint CEO looks to improve Nextel unit
Sprint wireline strong amid other woes

Suggested Articles

Sprint, T-Mobile and U.S. Cellular particularly rallied their troops to vote for their top executives. But Sprint’s Ryan Sullivan ran away from the pack in the…

Xiaomi’s total smartphone shipments rose in the second quarter, but the Chinese vendor lost market share at home as consumers rally around rival Huawei.

A new report by Chetan Sharma Consulting projects the edge internet economy will be worth over $4.1 trillion by 2030, propelled in part by the densification…