Citigroup is continuing to benefit from the $36bn (€29bn) deal that created Sprint Nextel by advising the US telecoms company on its acquisition of Alamosa Holdings, its largest affiliate.

Sprint Nextel is buying Texas-based Alamosa for $4.3bn, including the assumption of approximately $900m of net debt. Alamosa provides Sprint services in 19 states, serving about 1.48 million direct wireless subscribers.