Verizon Wireless Has Antitrust OK To Buy Leap Assets

WASHINGTON -(Dow Jones)- Verizon Wireless received antitrust clearance from the Federal Trade Commission to buy certain spectrum licenses and operating assets from Leap Wireless International Inc. (LEAP) for $102.5 million in cash.

The agency said it granted early termination Friday of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act.

Verizon Wireless is a wireless communications joint venture of Verizon Communications Inc. (VZ) and Vodafone Group PLC (VOD).

In a press release March 14, Leap Wireless said it signed a roaming agreement with Verizon Wireless.

Financial terms of the roaming agreement weren't disclosed, but Leap Wireless said it is forming roaming relationships with several other North American carriers for a planned "away-from-home" calling program.

The company said it plans to launch the away-from-home calling option in the first half of 2005. The new option will provide wireless service outside Leap Wireless' "Cricket" calling area, the company's access network.

-By Ingrid Pedrick Lehrfeld, Dow Jones Newswires; 202-862-1361

(END) Dow Jones Newswires"

Posted to the site on 10th May 2005