AT&T Buys Spectrum From Verizon for $1.9 Billion

AT&T on Friday said that it has agreed to acquired wireless spectrum in the 700MHz B band from Verizon Wireless for $1.9 billion in cash and Advanced Wireless Services (AWS) spectrum licenses in several markets, including Phoenix, Arizona, Los Angeles and Fresno, California, and Portland, Oregon.

A total of 39 lower 700MHz B band licenses will change hands, and according to AT&T, it will cover 42 million people in 18 states, including California, Colorado, Florida, Idaho, Illinois, Louisiana, Montana, New Mexico, New York, Ohio, Oklahoma, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, and Wyoming.

AT&T Map

The acquisition beefs up AT&T's existing holdings in the 700MHz B band and will allow the wireless carrier to more quickly deploy 4G LTE services for a growing number of smartphones, tablets, and other devices that support the high-speed protocol. It's AT&T's intent to reach 300 million people in the U.S. with its 4G LTE network by the end of 2014.