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AT&T to Buy Verizon Assets for $2.35 Billion

Fri May 08, 2009 11:04 pm

AT&T said it will buy the bulk of Alltel Wireless assets from rival Verizon for $2.35 billion, and will sell some Centennial Communications assets to Verizon Wireless for $240 million.

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Under terms of the deal, AT&T will acquire licenses, network assets and 1.5 million current subscribers in 79 service areas, mostly rural areas across 18 states,

Verizon Wireless was required to divest from those properties as part of the regulatory approvals granted for its purchase of Alltel in January. That merger created the largest U.S. wireless provider, surpassing AT&T in terms of subscribers.

AT&T had also agreed to buy rural wireless provider Centennial Communication in November but now expects to shed Centennial to Verizon due overlapping service coverage.

The sale of the Centennial assets is contingent upon AT&T's completion of its purchase of Alltel assets.

More News: AT&T (195) | Verizon (290) | Mergers & Acquisitions (81)

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