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Verizon Wireless closes deal on NextWave's PCS spectrum licenses
Posted: 05-Nov-2004 [Source: Verizon Wirelss]

[Verizon Wireless expands its footprint as it announces the purchase of all of NextWave's PCS spectrum licenses in 23 markets for $3.0 billion.]

Verizon Wireless announced that it today signed a definitive agreement with NextWave Telecom Inc. to purchase all of NextWave's PCS spectrum licenses, in 23 markets around the country, for $3.0 billion. The licenses will be acquired through the purchase of NextWave Telecom following the completion of its bankruptcy reorganization, when it will own no assets other than the licenses. The purchase is expected to close by mid-2005.

The 10 and 20 MHz licenses, in the 1.9 GHz PCS frequency range, cover a population of 73 million people. The purchase price equates to $2.85 per MHz POP. The licenses will be used to expand Verizon Wireless' network capacity in 22 key existing markets, including New York, Boston, Washington, D.C. and Los Angeles, as well as to expand the company's footprint into Tulsa, Oklahoma.

This transaction is expected to be funded through cash flow from operations and inter-company loans, and is subject to approval by the U.S. Bankruptcy Court and the Federal Communications Commission, as well as antitrust regulatory review.

Following are the markets included in this transaction:

Spectrum licenses for 20 MHz in: New York, N.Y., Washington, D.C., Boston, Mass., Baltimore, Md.

Spectrum licenses for 10 MHz in: Los Angeles, Calif., Philadelphia, Pa., Detroit, Mich., Denver, Colo., Portland, Ore., Tulsa, Okla., Greenville, S.C., Madison, Wis., Columbia, S.C., Springfield, Mass., Corpus Christi, Texas, Daytona Beach, Fla., Provo, Utah, Atlantic City, N.J., Dover, Del., Ocala, Fla., Janesville, Wis., El Centro, Calif., Pittsfield, Mass.

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