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AT&T to Pay $1.9 Billion for Verizon Wireless Spectrum

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Wireless communications giant AT&T said on Friday it will pay $1.9 billion in cash to acquire spectrum licenses covering 42 million people in 18 states, including Virginia, from rival Verizon Wireless. The spectrum, in the 700 MHz B band, will allow AT&T to continue expanding its 4G LTE services to meet increasing demand from subscribers using smartphones and tablets. The company said in November that it expects to reach 300 million people in the U.S. with its 4G LTE network by the end of 2014. The spectrum acquisition is expected to close in the second half of this year. Read more.

Photo from Flickr user zombieite, used under Creative Commons license

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