US regulator Federal Communications Commission has approved Verizon Wireless’ planned US$2.35bn sale of its spectrum licence to compatriot AT&T.
The disposal is part of the conditions set by the FCC when it approved Verizon’s US$28.1bn acquisition of…
US regulator Federal Communications Commission has approved Verizon Wireless’ planned US$2.35bn sale of its spectrum licence to compatriot AT&T.
The disposal is part of the conditions set by the FCC when it approved Verizon’s US$28.1bn acquisition of rural telecoms operator Alltell in 2009. Following that deal, Verizon Wireless, which is owned by Vodafone and Verizon Communications, became the country’s largest mobile operator.
AT&T said that today’s transaction will gain it 1.6 million customers and a higher presence in 79 service areas across 18 states.
In an announcement, AT&T said it expects the sale to complete by the end of the month. The transaction primarily represents former Alltel assets, but also includes assets from AT&T said it planned to invest US$19-19bn in 2010, as compared to US$17.3bn in 2009. This figure includes an increase of some US$2bn over 2009 levels in wireless network and supporting wireline backhaul investments, the company said.