America’s two largest wireless carriers have completed a transaction which transfers frequencies from Verizon Wireless to AT&T for US$1.9bn.
Verizon, consolidated by Verizon Communications last week, pledged to sell the lower 700 MHz band B block…
America’s two largest wireless carriers have completed a transaction which transfers frequencies from Verizon Wireless to AT&T for US$1.9bn.
Verizon, consolidated by Verizon Communications last week, pledged to sell the lower 700 MHz band B block licences last year. The operator was obliged to as it sought approval from regulators for its US$3.9bn acquisition of AWS spectrum from a consortium of cable operators.
In a statement AT&T said the licences cover 42 million people across 18 states. It paid US$1.9bn in cash and also gave Verizon AWS 10 MHz licences in five cities.
AT&T previously said the acquisition of the 39 licences complements its holdings in the 700 MHz B band and will allow it to continue to deploy 4G LTE services.
The transaction was agreed in January and has now closed following approval from the Federal Communications Commission (FCC) and Department of Justice (DOJ).
Stephens Inc and Loop Capital Markets advised Verizon on the sale process.
Verizon has now completed the sale of almost all of its 77 licences in the lower 700 MHz spectrum it said it would dispose in May 2012. Its US$189m deal to sell licences in North Carolina to private equity firm Grain Management is the final divestment Verizon is waiting to complete.