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Leap Wireless Announces Completes Radio Spectrum Swap with Verizon Wireless
Published on:
USA based Leap Wireless has completed the previously announced transactions to sell Verizon Wireless excess PCS and AWS spectrum in various markets across the U.S. and to acquire from Verizon Wireless 12 MHz of 700 MHz A block spectrum in Chicago.
Upon the resolution of interference issues related to 700 MHz A block licenses, the additional spectrum Leap is acquiring will supplement the 10 MHz of spectrum Leap currently owns and operates in Chicago.
Leap's non-controlled, majority-owned venture, Savary Island Wireless has also completed the sale of AWS spectrum in various markets to Verizon Wireless. In connection with this transaction, Leap also repaid the balance of a promissory note which was secured by a portion of the spectrum Savary Island sold to Verizon Wireless.
"These transactions generated net cash proceeds of more than $120 million that we plan to use to support our ongoing deployment of next-generation LTE network technology," said Doug Hutcheson, Leap's president and chief executive officer. "We expect to offer LTE services to at least two-thirds of our current network footprint over the next two to three years."
The sale of spectrum in these transactions will not impact Leap's operations in its existing operating markets.
Tags: [verizon wireless] [leap wireless] [chicago] [radio spectrum] [USA]
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