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July 30, 1997updated 05 Sep 2016 1:01pm

MCCAW FAMILY USES OPTION TO UP NEXTEL STAKE BY $233M

By CBR Staff Writer

As we reported they would back in April (CI No 3,140), cellular phone pioneer and Teledesic Corp co-founder Craig McCaw and his family have gone ahead and exercised their option to buy 15 million shares of Nextel Communications Inc common stock for $232.5m. The McCaw family’s strategic investment now stands at about $600m of the total potential strategic investment of approximately $1.6bn. Nextel says that no additional shares, on top of the option shares, were issued in conjunction with the transaction.

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