BEDMINSTER, NJ and WAITE PARK, MN — Verizon Wireless announced today it has signed a definitive agreement to purchase Cellular 2000 of St. Cloud from its owner, St. Cloud Wireless Holdings LLC. Financial terms of the agreement were not disclosed.
The purchase includes Cellular 2000 of St. Cloud's spectrum license, and network and operations assets. The spectrum license covers a population of 250,000 people in the St. Cloud area, an important community of interest adjacent to the greater Minneapolis area currently served by Verizon Wireless' network. Verizon Wireless plans to begin serving Cellular 2000's approximately 42,000 customers when the deal is finalized.
The transaction is expected to close in March 2005 and is subject to federal regulatory approval.
Verizon Wireless has invested more than $4 billion every year since its inception and more than $5 billion in 2004 to stay ahead of customers' growing demand for service by increasing the coverage and capacity of its nationwide network, the most reliable in the country.
About Verizon Wireless
Verizon Wireless owns and operates the nation's most reliable wireless network, serving 42.1 million voice and data 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 preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at www.verizonwireless.com/multimedia.