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OVERLAND PARK, Kan. (AP) - Sprint Nextel Corp. has hired investment firm Lazard Ltd. to appraise Nextel Partners Inc. in a battle to determine how much the parent company will pay to buy out its affiliate.
Nextel Partners shareholders approved a provision last month requiring parent Sprint Nextel Corp. to buy the two-thirds of the company it doesn't already own.
The move was triggered by Sprint Corp.'s $35 billion acquisition of Nextel in August. Nextel Partners and other affiliates provide wireless service to customers in rural areas and smaller cities not served by Sprint or Nextel.
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