BASKING RIDGE, N.J., June 25, 2012 /PRNewswire/ -- Verizon Wireless today announced an agreement with T-Mobile USA to exchange specific spectrum in the AWS (Advanced Wireless Services) band.  Under the agreement, both companies also will receive additional spectrum depth in specific markets to meet LTE (Long Term Evolution) capacity needs and enable LTE expansion.  Since this agreement includes spectrum that will be purchased by Verizon Wireless in its transactions with SpectrumCo, Cox and Leap, this agreement is contingent on the closing of those transactions.

The agreement includes a number of intra-market spectrum swaps that will result in better use of the AWS band for both companies.  The agreement also includes exchanges of spectrum between the companies in numerous markets which result in an overall net transfer of spectrum from Verizon Wireless to T-Mobile and a cash payment from T-Mobile to Verizon Wireless.  Financial terms of the agreement are not being disclosed.  The license transfers require FCC approval which is expected later this summer.

"The agreement with T-Mobile is further evidence of the importance of a secondary spectrum market to give companies the flexibility to exchange or acquire spectrum to meet customers' growing demands for wireless data services,"  said Dan Mead, president and CEO of Verizon Wireless.  "The AWS licenses we'll acquire from T-Mobile and through SpectrumCo, Cox and Leap will be used to add capacity to our 4G LTE network."

The agreement between Verizon Wireless and T-Mobile is a private commercial arrangement that will allow both companies to optimize their respective spectrum holdings for LTE deployment and to meet their customers' needs.

About Verizon Wireless

Verizon Wireless operates the nation's largest 4G LTE network and largest, most reliable 3G network. The company serves 93.0 million retail customers, including 88.0 million retail postpaid customers.  Headquartered in Basking Ridge, N.J., with 80,000 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