AT&T and Verizon agree asset swap

5 Dec 2007

AT&T Inc has agreed to swap some of its assets with Verizon Wireless to comply with regulatory requirements following its acquisition of Dobson Communications Corporation. Verizon will receive a number of former Dobson properties, including networks in Kentucky and 10MHz of PCS licences. In return, AT&T will take over some of the assets in Vermont, New York and Washington Verizon acquired when it bought Rural Cellular Corporation earlier this year. AT&T will also buy a cellular licence in Kentucky from Verizon and will pay Verizon an additional cash consideration. The transactions are dependent on regulatory approval and are expected to be completed by mid-2008.