Gates Raises Stake in Nextel Partners
Reuters | at | by Mike
Microsoft Chairman Bill Gates has raised his stake in wireless telephone company Nextel Partners Inc. to more than 5 percent by purchasing shares from wireless pioneer Craig McCaw, Nextel Partners said on Monday. The news sent Nextel Partners shares up about 12 percent. Gates' private investment arm, Cascade Investment LLC, bought 3.75 million Nextel Partners shares from McCaw and now owns 12.7 million shares, or a 5.2 percent stake. Nextel Communications and Nextel Partners have continued to post strong results, despite a tough economic environment and an industry-wide slowdown in subscriber growth, due to the popularity of Direct Connect, a unique service similar to a walkie-talkie that is especially popular among technicians and construction crews.