, the local phone division being spun off from Sprint Nextel, will be made part of the Standard & Poor's 500 list, S&P said after the markets closed on Wednesday.
Embarq (NYSE: EQWI) will trade as a public company once the spin-off is complete. The deal is expected to close on May 17.
Embarq will have large operations in the Carolinas. Its stock is already trading in advance of the spin-off and public listing. Shares closed at $45.01 on Wednesday, up $1.25. Transactions involving the stock can't be closed until after the spin-off.
S&P said Embarq would replace Applied Micro Circuits Corp. (Nasdaq: AMCC), noting that AMC's market cap was just over $1 billion. "The minimum market cap necessary to be added to the index currently stands at $4 billion, S&P said.
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