Mergers and Acquistions News
Categories: IT Services & Consulting
December 6th 2011, 12:28PM
Verizon Wireless, the largest mobile operator in the US, has announced a deal to acquire 122 Advanced Wireless Services (AWS) spectrum licenses for $3.6 billion (£2.3 billion) from a joint venture between Comcast Corporation, Time Warner Cable and Bright House Networks.
The move comes as Verizon plans to expand its wireless offering to customers ahead of the government freeing up more spectrum.
From the sale, Comcast will receive around $2.3 billion, while Time Warner Cable will receive $1.1 billion. Bright House Networks will get $189 million.
In addition, the M+A agreement will allow the companies to sell one another's products and services, while they have also formed a joint venture to develop technology that better integrates wireline and wireless products and services.
"Buying the AWS spectrum now solidifies our network leadership into the future, and will enable us to bring even better 4G LTE products and services to our customers," explained Dan Mead, president and chief executive of Verizon Wireless.
"American businesses and consumers can have confidence that the best wireless network has the foundational resources to deliver on that promise."
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