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AT&T Strikes $1.9B Spectrum Deal With Verizon
AT&T is buying 4G-ready 700MHz spectrum from Verizon for a cool $1.9B
1 Min Read
AT&T Inc. has splashed out $1.9 billion on Long Term Evolution (LTE)-ready spectrum from Verizon Communications Inc.
Verizon revealed Friday that it will:
Sell 39 lower 700MHz B Block licenses to AT&T in exchange for a payment of $1.9 billion, along with the transfer by AT&T to Verizon Wireless of AWS (10MHz) licenses in certain western markets, including Los Angeles and Fresno, Calif.; Phoenix; and Portland, Ore.
Sell lower 700MHz B Block licenses covering the Charlotte, Greensboro and Raleigh-Durham markets in North Carolina to Grain Management, a Sarasota, Fla.-based private equity firm that invests in the telecommunications sector, in exchange for a payment of $189 million.
In addition, Verizon Wireless will lease from Grain Management an AWS license covering Dallas, Texas, which Grain is acquiring from AT&T.
Why this matters
Verizon has been trying to sell spectrum it acquired at auction in the 700MHz A and B block since it struck an AWS spectrum swap deal with several major U.S. cable companies. The deal gives AT&T more bandwidth in the 700MHz spectrum it has been using for LTE. AT&T CEO Randall Stephenson said Thursday that he likes AT&T's spectrum position for 2013, having upped the operator's average national spectrum position by a third.
For more
AT&T Wants to Cover 250M With 4G LTE in 2013
Verizon CFO: Spectrum Sale to 'Play Out' in Q1
— Dan Jones, Site Editor, Light Reading Mobile
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