Mccaw Family Hikes Stake In Nextel

Nextel Communications Inc., the digital-communications concern backed by cellular-phone pioneer Craig McCaw, said Monday the McCaw family will exercise an option to buy 15 million Nextel common shares on July 28 at $15.50 a share, or $232.5 million, Dow Jones News Service reported.

The McCaw family also paid $25 million for options to buy an additional 15 million shares at $16 a share and 10 million shares at $18 a share, or $420 million in new equity. Those options expire in July 1998.

The McCaw family also agreed to provide Nextel with $50 million in financing that will allow Nextel to meet a current obligation to Motorola Corp.