Verizon Wireless announced late Thurs. an agreement to buy Qwest ...
Verizon Wireless announced late Thurs. an agreement to buy Qwest Communications wireless assets for $418 million. The agreement includes spectrum licenses in 62 markets in 14 Western and Midwestern states in Qwest’s traditional service territory. All the licenses provide…
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
10 MHz of spectrum in the 1.9 GHz range -- the same spectrum band at issue in the Nextel fight. The companies said 53 of the licenses are in markets where Verizon already has operations and the extra spectrum will provide additional capacity. These cities include Phoenix, Albuquerque, N.M., Tucson, Ariz., Salt Lake City, Minneapolis-St. Paul, Denver, Portland, Ore., Seattle, and Omaha, Neb. Qwest announced last year plans to wholesale wireless through Sprint while selling off its physical assets as well as the licenses for the spectrum. A Qwest spokeswoman said the company intends to continue as a regional carrier. “The sale completes our shift from a network-centric wireless provider to a more customer-focused operation that is designed to deliver exceptional value and service to customers,” said Oren Shaffer, Qwest vice chmn. “The monetization of the network assets further improves our liquidity.” The companies said they hoped to close the deal late this year or early in 2005. Unlike many such deals, the Verizon purchase had not been rumored prior to the announcement.