AT&T acquires spectrum from Verizon for $1.9 billion

Summary:The spectrum, in the 700 MHz band, covers 42 million people in the U.S.

U.S. telecommunications giant AT&T announced today that it has completed its acquisition of spectrum from rival Verizon Wireless for $1.9 billion in cash.

The 39 spectrum licenses, located in the 700 MHz band, covers 42 million people across 18 U.S. states.

The companies had announced the deal last January.

AT&T plans to use its new spectrum as part of its ongoing next-generation, or LTE, network deployment. The company seeks to increase its LTE coverage by more than 15 percent by the end of this year, with completion by next summer.

As part of the deal, Verizon acquired 1.7/2.1 GHz spectrum licenses in Phoenix, Los Angeles, Fresno, Albuquerque, and Portland; it plans to use those for its own LTE needs. (Verizon's LTE network is the largest in the U.S.)

The U.S. Federal Communications Commission approved the transfers on Sept. 3.

 

Topics: Telcos

About

Andrew Nusca is a former writer-editor for ZDNet and contributor to CNET. He is also the former editor of SmartPlanet, ZDNet's sister site about innovation. He writes about business, technology and design now but used to cover finance, fashion and culture. He was an intern at Money, Men's Vogue, Popular Mechanics and the New York Daily Ne... Full Bio

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