One of the largest telecommunications companies in the US, Sprint Nextel Corporation (NYSE: S), announced Wednesday its decision to move the headquarters to Overland Park, Kan., from Reston, Va.
The company was created in 2005 by the $35 billion purchase of Nextel Communications by Sprint Corporation. Since that it has made Reston its temporary operational headquarters, while originally having located in Overland Park.
By this move the company will improve operational performance and reduce expenses.
Sprint Nextel operates the third largest wireless telecommunications network in the United States (based on total wireless customers), behind AT&T and Verizon Wireless. Sprint is a global Tier 1 Internet carrier, and, as such, makes up a portion of the Internet backbone. In the United States, the company also operates the second largest wireless broadband network and is the third largest long distance provider.
By 2010, Sprint Nextel plans to absorb the Nextel brand into the Sprint PCS brand. According to earlier documentation filed sometime earlier by Sprint, the iDEN-based network was originally to be sold.
Sprint Nextel’s stock went up 10 cents to $10.09.