Last month, Sprint Corp. agreed to buy Nextel Communications Inc., the fifth biggest U.S. wireless provider, for $35 billion in an agreement that would fortify Sprint's position as the nation's third largest wireless service provider behind Cingular Wireless and Verizon Wireless. A Sprint-Nextel combination would have 35 million wireless subscribers and a combined $40 billion in annual revenue. Rick Black, an analyst with Blaylock & Partners L.P., said the purchase of Western Wireless should help Alltel protect its wireless position, as well as its business as a provider of roaming services to other national wireless carriers. He also said the agreement, which values Western Wireless shares at about $40, could be a harbinger of more deals to come. "Although the proposed acquisition does little to change the wireless hierarchy, it does shift the balance of power as Alltel gain market share in overlapping areas and becomes a significant roaming partner to all national players," he wrote in a research note.