Microsoft invests in Nextel

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Reston, Va.--Nextel Communications and Microsoft Corp. announced an agreement that will allow Nextel customers to access a customized set of Internet services offered through a co-branded version of the Microsoft Network portal. With the agreement, Microsoft will invest $600 million in Nextel common stock. Nextel will use the investment to advance its deployment of services, develop additional digital services, expand the Nextel National Network in the United States and fund system development and expansion in other countries in which Nextel operates. The price of the stock was fixed at $36. (From RCR.)
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