Nextel to acquire OneComm, a rival, in stock swap valued at $650 million

Nextel Communications Inc, a wireless communications supplier acquires OneComm Corp, also a wireless communications supplier in a tax-free exchange of stock valued at $650 million. The transaction will increase Nextel's market presence to 47 of the 50 largest US markets. Nextel has established other relationships with wireless carriers, but it has been slow to begin service in its markets. The creation of a national wireless network is not expected to be finished until 1998. The company offers wireless services in Sacramento, Los Angeles and San Francisco. The company plans to receive additional investment capital from MCI, Motorola Inc and Comcast Corp. Industry analysts report that the company's strategy to expand wireless service throughout North America is the most ambitious undertaking of any communication company.