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April 13, 2005
Verizon Wireless and NextWave Telecom Inc. said today they have completed the transaction, originally announced in November, for Verizon Wireless to purchase all of NextWave’s PCS spectrum licenses. The deal covers 23 markets around the country and is worth $3 billion.
The 10 and 20MHz licenses, in the 1.9GHz PCS frequency range, pass over a population of 73 million people. The purchase price equates to $2.85 per MHz POP. Verizon Wireless will use the licenses to expand its network capacity in 22 of its current markets, including Boston, Los Angeles, New York and Washington, D.C., and to extend its reach into Tulsa, Okla.
“We will put this spectrum to work in our network to benefit customers, by having the long-term capacity in place when they need it to meet their growing demand for wireless voice and data services, says Denny Strigl, president and CEO of Verizon Wireless. “This purchase is part of our long-standing strategy of continual network enhancements to provide our customers with the most reliable wireless network and, therefore, the most satisfying wireless experience.”
The licenses were acquired through the purchase of NextWave Telecom. Because of Nextwaves bankruptcy reorganization, the licenses are its only assets. Other assets were transferred to a separate entity, NextWave Wireless LLC, which Verizon Wireless did not acquire.
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