AT&T To Purchase 700MHz Spectrum Lisences

AT&T made the announcement today that their board of directors have approved an agreement to purchase spectrum licenses covering 196 million people in the 700 MHz frequency band from Aloha Partners, L.P., a Deleware limited partnership. The transaction will add 12 MHz of spectrum that cover 196 million people in 281 markets in the United States.

"Customer demand for mobile services, including voice, data and video, is continually increasing," said Forrest Miller, group president-corporate strategy and development. "Aloha's spectrum will enable AT&T to efficiently meet this growing demand and help our customers stay connected to their worlds."

AT&T will be shelling out $2.5 billion in cash to obtain the lisences. They anticipate receiving the necessary government approvals and closing the transaction within six to nine months.