The total purchase price is $635,000; of which $437,000 is for the PCS license. Verizon Wireless expects to complete the acquisition late in the third quarter or early in the fourth quarter of this year, after receipt of required regulatory approvals.
"We are always looking for new ways to add value for our customers and provide them with coverage where they want it," said Bob Stott, Verizon Wireless President for the New England Region. "New Hampshire and Vermont are important markets for us and we look forward to expanding our footprint and offering service in these areas next year."
The newly acquired markets, which are included in the Lebanon BTA license, have a total population (POPS) of 181,600 and span approximately 150 miles of highways not currently covered by Verizon Wireless' network. Once the acquired network is integrated with Verizon Wireless operations, the company's customers from other markets who travel through these areas of New Hampshire and Vermont will see improved service quality and coverage. Additionally, the company will begin marketing Verizon Wireless-branded voice and data services in the new markets after the integration is completed.
In the past two years, Verizon Wireless has spent $8 billion building and maintaining its nationwide network. Last year, the company announced an agreement with Northcoast Communications LLC, to purchase 50 PCS licenses and related network assets, for approximately $750 million in cash. That transaction is expected to close later this quarter. The Northcoast licenses will give the company additional spectrum capacity in major Verizon Wireless markets, including New York, Boston, Minneapolis, MN, Columbus, OH, Providence, RI, Rochester, NY and Hartford, CT.
With the Devon Mobile and Northcoast acquisitions, Verizon Wireless has complete license coverage throughout New England, except for a single county in the northernmost part of Maine.
About Verizon Wireless
Verizon Wireless is the nation's leading provider of wireless communications. The company has the largest nationwide wireless voice and data network and 33.3 million customers. Headquartered in Bedminster, NJ, Verizon Wireless is a joint venture of Verizon Communications (NYSE: VZ) and Vodafone (NYSE and LSE: VOD). Find more information on the Web at http://www.verizonwireless.com.