Saturday May 9, 05:34 AM
ATT to buy Verizon assets for 2.35 billion
WASHINGTON (AFP) - US telecom company AT&T (NYSE: T - news) has announced an agreement under which it will acquire 2.35 billion dollars worth of assets from its rival, Verizon Wireless.
AT&T will acquire wireless properties, including licenses, network assets and 1.5 million current subscribers in 79 service areas, primarily in rural areas across 18 states, the company said in a statement.
Verizon Wireless is required to divest from these properties as part of the regulatory approvals granted for its purchase of Alltel earlier this year.
As a result of the transaction, wireless telephone subscribers in these areas will be able to access AT&T's 3G broadband network.
AT&T claims to have the country's fastest 3G network, now available in nearly 350 major metropolitan areas, with 20 more planned by the end of the year.
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