News by Andrew Kameka on Friday January 25, 2013.
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In recent months, Verizon Wireless has sold its lower 700MHz B Block licenses in several markets, but it has mostly been to smaller regional carriers. Verizon today announced it has reached agreement to sell similar licenses to chief rival AT&T.
Verizon has agreed to sell its 700 MHz B Block licenses in 39 markets throughout the U.S., though mainly in the west and southwest portions of the country. The deal will net Verizon $1.9 billion and AWS (10 MHz) licenses from AT&T, and give AT&T additional spectrum in Los Angeles, Miami, and Portland, among other places. The transaction is expected to close soon after it obtains the necessary approval from the FCC and Department of Justice.
Verizon will obtain additional AWS spectrum and sell off more licenses in another transaction with private equity firm Grain Management. The carrier will sell B Block licenses in Charlotte, Greensboro, and Raleigh-Durham, North Carolina for $189 million. It will then lease AWS licenses in Dallas, Texas from Grain Management .source: Verizon Wireless
Andrew is MobileBurn.com's managing editor. He is based in Miami, Florida.