Sprint Nextel is set to officially spin-off its landline unit tonight -- at one minute before midnight, specifically. The new company, dubbed Embarq, will then begin trading on the New York Stock Exchange Thursday morning, and will also join the S&P 500. As we reported earlier, Embarq plans to offer dual-mode handsets that can transfer seamlessly between WiFi and cellular networks, pitting it against T-Mobile and Lucent in that area. Embarq also offers high-speed Internet service in addition to local and long distance phone service and will rank as the 5th largest local communications company in the United States, the company says.

[Via CNET Broadband Blog]

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