AT&T spends $780M in cash for more wireless spectrum
AT&T just announced it is forking over $780 million in cash to gobble up wireless spectrum.
The carrier said it would specifically acquire Atlantic Tele-Network’s U.S. retail wireless operation that covers about 4.6 million folks in rural areas of Georgia, Idaho, Illinois, North Carolina, Ohio, and South Carolina. As part of the deal, AT&T will get wireless spectrum licenses, network assets, retail stores, and roughly 585,000 subscribers.
AT&T uses the 700MHz band for its 4G LTE network, as well as 850MHz and 1900MHz for its 2G and 3G networks. The new spectrum licenses would include all three bands, but regulators, such as the Federal Communications Commission and U.S. Department of Justice, still need to give the transaction a formal go-ahead.
AT&T noted the transaction should close “in the second half of 2013.” Check out the press release below for more details.