AT&T Closes $1.9 Billion 700MHz Acquisition
AT&T today announced that it has finalized an agreement to purchase select bits of 700MHz spectrum from Verizon Wireless. AT&T has bought 700MHz B Block licenses that cover 42 million people across 18 states, for which it paid Verizon Wireless $1.9 billion. AT&T will use the spectrum to enhance and supplement its existing LTE 4G coverage in portions of California, Florida, Illinois, New York, Ohio, Texas, and other states. In addition to the cash payment, AT&T gave Verizon Wireless Advanced Wireless Services (AWS) spectrum licenses in Phoenix, Ariz.; Los Angeles and Fresno, Calif.; Albuquerque, N.M.; and Portland, Ore. AT&T says its LTE 4G network covers more than 225 million people today and will reach 270 million by the end of the year.