MobileNest

The $35 billion merger of Sprint and Nextel Communications won approval from the Federal Communications Commission and the Justice Department yesterday. The merged mobile phone provider, Sprint Nextel Corporation, will become the third largest wireless phone company in the United States. It will have about 44.6 million subscribers following Cingular and Verizon Wireless, which each have about 50 million customers.

The companies said they expect to close the merger within two weeks and start operations as a single unit within two months.