Leap Wireless, which trades under the Cricket brand, has sold a portion of surplus AWS and PCS spectrum to Verizon Wireless for $120 million, with plans to invest the cash in building out its LTE infrastructure. The deal is part of a larger purchase, including a controversial acquisition of spectrum from cable companies including Comcast and Time Warner, which was authorized by the FCC earlier this month.
Leap Wireless nets $120 million in spectrum swap with Verizon
Leap Wireless has transferred a package of surplus AWS and PCS spectrum to Verizon in exchange for $120 million and 12MHz of 700MHz spectrum in Chicago.
Leap Wireless has transferred a package of surplus AWS and PCS spectrum to Verizon in exchange for $120 million and 12MHz of 700MHz spectrum in Chicago.
As well as selling, Leap Wireless is also receiving 12MHz of 700MHz A block spectrum in Chicago as part of the agreement — the package will bring Leap’s total holdings of 700MHz spectrum in the city to 32MHz. According to a statement from Leap CEO Doug Hutcheson, the company expects to roll out LTE service to more than 65 percent of its current footprint within three years.
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