Nextel Communications (formerly Fleet Call) was a leading U.S. wireless communications provider. Northwood invested in Nextel’s first round of funding in 1987 and participated in follow-on financings in support of the company’s industry roll-up. We also participated in the initial and subsequent rounds of financing for two similar companies, Dispatch Communications, Inc. and PowerFone, Inc. in 1989 and 1992, respectively. Both Dispatch and PowerFone were subsequently merged into Nextel.
Northwood sold its holdings through public offerings and open market sales from 1992 to 1997. Nextel subsequently acquired NeoWorld, another entity we funded, for cash in 2003. In 2005, Sprint Corporation and Nextel completed a $70 billion merger. sprint.com