Cellcos complete asset swap

23 Dec 2008

AT&T and Verizon Wireless have completed an asset swap which helps them meet the regulatory conditions of two recent buyouts of smaller operators. The Federal Communications Commission approved AT&T’s buyout of Dobson in November 2007 and Verizon’s purchase of rural Cellular in August 2008 as long as a number of overlapping operations were divested. Verizon has now acquired licences, network infrastructure and subscribers from AT&T in Kentucky and other unspecified areas, while AT&T has acquired Verizon assets in rural areas of Vermont, New York, Washington State and Kentucky. Verizon has also received an undisclosed cash payment under the deal.

United States, AT&T, AT&T Communications, Verizon Wireless