Verizon Purchases Spectrum Licenses and Assets From Leap Wireless
BEDMINSTER, N.J. -/August 4, 2005 - Wi-Fi Technology News/- Verizon Wireless announced it has completed the purchase, initially announced in March, of certain spectrum licenses and operating assets from Leap Wireless International, Inc. for $102.5 million. The purchase increases Verizon Wireless' capacity in key existing markets and expands its network into new markets.
Verizon Wireless has acquired 23 spectrum licenses covering a population of eight million people in 20 markets in Michigan, Wisconsin, Arkansas, Mississippi, Alabama and upstate New York.
Several of the licenses are in markets where Verizon Wireless already has licenses, and will be used to expand capacity to meet growing demand for voice and data services. These markets include Birmingham and Tuscaloosa, Ala.; Little Rock, Ark.; Jackson, Miss; Grand Rapids, Flint, Kalamazoo, Muskegon and Mt. Pleasant, Mich.; and Plattsburgh and Watertown, N.Y.
The spectrum licenses also include nine new markets for Verizon Wireless and expansion of four existing markets, adding 2.7 million people to the company's licensed footprint. These markets include: Battle Creek, Jackson, Traverse City, Adrian, and portions of Grand Rapids, Mich.; Eau Claire, Wis.; Vicksburg and portions of Jackson, Miss.; Fort Smith, Fayetteville and Russellville, Ark.; and portions of Birmingham and Tuscaloosa, Ala.
Verizon Wireless also acquired Leap Wireless' operations and customers in Battle Creek, Jackson, Kalamazoo and Flint, Mich.
About Verizon Wireless
Verizon Wireless owns and operates the nation's most reliable wireless network, serving 47.4 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 http://www.verizonwireless.com.
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