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Verizon Wireless buys additional spectrum
By Laura Rohde

Verizon Wireless Inc. will pay US$102.5 million to acquire 23 spectrum licenses and other assets from Leap Wireless International Inc., Verizon Wireless announced Monday.

The deal, which is expected to close around the middle of the year pending standard regulatory approvals, will allow Verizon to expand its network into new markets in the U.S. while also increasing its capacity in some existing markets, the Bedminster, New Jersey, company said.

In addition, as part of the agreement Leap's customers will now be able to roam on Verizon Wireless' network.

Verizon Wireless will gain spectrum licenses in 20 markets (including nine new markets for the company) in Michigan, Wisconsin, Arkansas, Mississippi, Alabama and upstate New York, covering a population of 8 million people, it said.

Leap Wireless, in San Diego, California, will also transfer its operations and about 25,000 customers in Michigan to Verizon Wireless.

Posted March 14, 2005 04:40 PM |