Verizon Wireless to Conduct Spectrum License Sale Stephens Inc. to Manage Offering Process
BASKING RIDGE, N.J., April 18, 2012 /PRNewswire/ -- Verizon Wireless today announced plans to conduct an open sale process for all of its 700 MHz A and B spectrum licenses in order to rationalize its spectrum holdings. The licenses cover dozens of major cities across the country, as well as a number of smaller and rural markets.
Verizon Wireless obtained the 700 MHz A and B licenses, as well as nationwide 700 MHz upper C licenses (with the exception of Alaska which has since been acquired), in FCC Auction 73 in 2008. Verizon Wireless is deploying its 4G LTE network, which currently covers more than 200 million people, on its nationwide 700 MHz upper C spectrum. If Verizon Wireless is successful in acquiring additional AWS (Advanced Wireless Services) spectrum licenses, it will use AWS spectrum in conjunction with its 700 MHz upper C band spectrum to deploy additional LTE capacity.
Accordingly, the sale of the A and B licenses is contingent on the close of Verizon Wireless' pending purchases of AWS licenses from SpectrumCo (an entity jointly owned by Comcast, Time Warner Cable, and Bright House Networks), Cox and Leap Wireless. These transactions are at varying stages of review by the Federal Communications Commission (FCC) and the Department of Justice (DOJ) and are expected to close by mid-summer.
The company is announcing the sale plans now and will begin the process of soliciting interest from potential buyers to ensure the process can move forward quickly once the AWS license transfers have been completed.
"Since wireless operators, large and small, have expressed concern about the availability of high-quality spectrum, we believe our 700 MHz licenses will be attractive to a wide range of buyers," said Molly Feldman, vice president of Business Development for Verizon Wireless. "Moreover, provided our acquisition of AWS spectrum is approved, our open sale process will ensure these A and B spectrum licenses are quickly and fairly made available for the benefit of other carriers and their customers."
Stephens Inc., a nationally recognized, independent financial services firm based in Little Rock, Arkansas, has been engaged to manage the offering process. Interested parties may contact Stephens Inc. at firstname.lastname@example.org or 501-377-8134. Stephens Inc. will later release information about efforts to reach out to potential bidders, including minority-owned and female-owned businesses, to participate in the process. All sales will be subject to applicable regulatory approvals.About Verizon Wireless
Verizon Wireless operates the nation's largest 4G LTE network and largest, most reliable 3G network. The company serves nearly 108 million total wireless connections, including 92.2 million retail customers. Headquartered in Basking Ridge, N.J., with nearly 82,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications (NYSE, NASDAQ: VZ) and Vodafone (LSE, NASDAQ: VOD). For more information, visit 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.
SOURCE Verizon Wireless