WASHINGTON-Motorola Inc. said it plans to vote its roughly 6-percent stake in Nextel Communications Inc. in favor of Nextel’s pending acquisition by Sprint Corp. The support, which was noted in a Securities and Exchange Commission filing, is dependant on any proposed changes to the acquisition terms not impacting Motorola’s economic benefit from the deal.
Motorola said it currently controls more than 66 million Class A Nextel shares following the recent sale of 11 million shares that generated more than $310 million in proceeds.
Motorola, which developed Nextel’s iDEN technology, is expected to gain a stronger foothold in Sprint’s operations following the acquisition as well as continue to support Nextel’s proprietary network.
