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Oct. 6, 2008

Sprint is getting closer in getting rid of its Nextel division.

Potential bidders that have manifested an interest in acquiring the Nextel segment of Sprint's business include NII Holdings, Cerberus Capital Management and other similar investment companies.

Sprint paid over $34.98 billion to acquire Nextel three years ago.

At that time, Nextel was a popular company known for its ubiquitous walkie-talkie phones. However, the push-to-talk business changed and Sprint eventually took massive write-offs on its books.

Today the wireless carrier continues to post mixed fiscal results and is now emphasizing its main focus on research and development on WiMAX and the Clearwire partnership.

Sprint said it wants to close the transaction on its Nextel division before the end of the year.

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Source: Sprint Nextel.