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January 28, 2013

AT&T to acquire wireless spectrum from Verizon for $1.9bn

The transaction is expected to finish by mid 2013.

By CBR Staff Writer

AT&T has agreed to acquire Verizon Wireless’ 39 lower 700 MHz B block licenses for $1.9bn.

The service currently covers 42 million people in 18 US states.

As part of the deal, AT&T said it will also give Verizon licenses to 10 MHz Advanced Wireless Services spectrums in Los Angeles, Phoenix, Fresno and Portland.

Verizon has also agreed to sell lower 700 MHz B block licenses covering the Charlotte, Greensboro and Raleigh-Durham areas in North Carolina, to the US-based private-equity firm Grain Management for $189m.

The transactions are subject to approval by the US Federal Communications Commission (FCC) and the Department of Justice.

Verizon has agreed to sell 35 of its 77 lower B block licenses to 10 different entities which include transactions that were initiated prior to the sale process.

Verizon said the latest deals will complete the lower 700 MHz sale process.

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Last year, the US Federal Communications Commission (FCC) approved Verizon Wireless’ agreements worth $3.9bn in order to purchase wireless spectrum owned by Comcast, Time Warner Cable, Bright House Networks and Cox Communications.

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