BEDMINSTER, NJ — Verizon Wireless announced that it has won the spectrum license for the New York metropolitan area auctioned by NextWave Telecom Inc. today. Under the terms of the purchase agreement, Verizon Wireless will pay $930 million for the license.
The 10 MHz license is in the 1.9 GHz PCS frequency range and covers a population of 20.1 million people for the New York, New York Basic Trading Area ("BTA"). The BTA covers New York City and northern and central New Jersey, as well as Westchester and Rockland counties. The license will be used to expand Verizon Wireless' network capacity to meet customers' growing demand for voice and data services.
The transaction, subject to approval by the Federal Bankruptcy Court and the Federal Communications Commission, as well as antitrust regulatory review, is expected to close by the end of 2004.
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 40 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 www.verizonwireless.com. To receive broadcast-quality video footage of Verizon Wireless operations, log onto www.thenewsmarket.com/verizonwireless.