Mergers and Acquistions News
Categories: Telecoms
December 23rd 2011, 12:09PM
AT&T has won regulatory approval from the Federal Communications Commission to acquire wireless spectrum from Qualcomm Inc.
It will purchase 700 megahertz of airwaves from the US chipmaker for around $1.9 billion (£1.2 billion) in an effort to improve its 4G network. It will also support the telecoms company's next-generation LTE network and increase bandwidth for customers.
"This spectrum will help AT&T continue to deliver a world-class mobile broadband experience to our customers," commented Bob Quinn, AT&T senior vice-president.
The deal is expected to close by the end of this year.
It comes as welcome news to the company, which has this month seen its M&A deal with T-Mobile USA collapse.
AT&T is also forced to compete with other operators after Verizon Wireless announced it would acquire airwaves from Spectrum Co in a $3.6 billion deal, as well as airwaves from Cox Communications for $315 million, firmly establishing its presence in the wireless market and increasing its share of wireless capacity.
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