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Telecom & Wireless

AT&T Pays $1.9 Billion to Verizon for More Spectrum

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By Paul Ausick Updated Published
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AT&T Inc. (NYSE: T) announced this morning that it is acquiring wireless spectrum in the 700 MHz B band from Verizon Wireless for $1.9 billion. The spectrum covers 42 million people in 18 states, according to AT&T’s announcement. Verizon Wireless is a joint venture of Verizon Communications Inc. (NYSE: VZ) and Vodafone PLC (NASDAQ: VOD).

The sale is related to the deal Verizon made to gain federal government approval for its $3.9 billion purchase of Advanced Wireless Services (AWS) spectrum from SpectrumCo. SpectrumCo is a joint venture of Comcast Corp. (NASDAQ: CMCSA), Time Warner Cable Inc. (NYSE: TWC), BrightHouse Networks and Cox Communications Inc.

AT&T plans to use the spectrum to deploy further its 4G LTE network. The company has a goal of making its high-speed network available to 300 million Americans by the end of 2014. The acquisition is subject to regulatory approval.

Shares of AT&T are up about 0.6% this morning, at $33.93 in a 52-week range of $29.02 to $38.58.

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About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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