Verizon Wireless completes spectrum purchase

Mar 04 2005 - 03:12 PM ET | Verizon Wireless
Verizon Wireless today completed the purchase of Qwest Wireless' spectrum licenses and certain network assets for $418 million. This deal was first announced in July 2004. The purchased spectrum covers 62 markets with a combined population of 30.8 million people. Some of the larger markets include: Phoenix, Albuquerque, Tucson, Salt Lake City, Minneapolis-St. Paul, Denver, Portland (Ore.), Seattle, and Omaha. Verizon Wireless has been on a spectrum hunting spree: * Yesterday Verizon Wireless announced a $230 million deal with MetroPCS for a chunk of space over the San Francisco Bay area. The MetroPCS spectrum will be used for EV-DO high-speed data service. * Nextwave announced plans yesterday to sell its PCS licenses to Verizon Wireless. This will allow Nextwave to come out of Chapter 11 bankruptcy protection and offer 4G mobile services.